THE Finnish mining group Outokumpu made £12 million by selling its entire shareholdings in Arcon International and Ivernia West, it said last night.

The group said the proceeds would be used to develop Outokumpu's mines and mine projects.

Outokumpu's 12.4 million shares in Arcon, which is developing a lead zinc mine in Galmoy on the borders of Laois and Kilkenny and 12.3 million shares in Ivernia, which is developing a mine in nearby Lisheen, were placed with institutional investors last Friday.

Outokumpu held a 24.5 per cent stake in Ivernia and 4.4 per cent of Arcon. The sale of the shares, late on Friday, took the market by surprise.