A company spokesman denied the report, which appeared in the Politis daily. The company earned more than 5.5 million from disposal of investments, and a further 9.7 million from a re- assessment of investments during the year ended December 31, Triaina said. Shimoda Resources Ltd plans to develop a palladium property of high-grade potential in the Urals region of Russia, it said yesterday. Shimoda said it was working with London-based Eurasia Mining on the project. Recent improvements in Russian mining legislation have also expedited the development of the Baronskoye deposit and progress is expected over the summer months.
Palladium is used in the manufacture of mobile telephones and car exhausts.
Russia has 65 per cent of the world's palladium reserves. A RAID by British Bases police has uncovered priceless antiques dating from the Roman Period, an SBA announcement said yesterday. Police searched a Paramali house on Wednesday morning and found four ancient pots and six coins. The SBA said one man had been arrested and was helping police in their enquiries. The Archaeological Department has dated the find to the Roman period.