Kazakhstan and Russia-focused Celtic Resources says it has received a preliminary takeover approach.

AIM-quoted gold, copper and molybdenum hopeful Celtic, of which Russian tycoon Alexey Mordashev’s Severstal steel group bought 22 per cent in August, says ‘a further announcement will be made in due course’. The company says the present discussions may or may not lead to an offer.

Celtic shares, which peaked at 464p in 2005 and fell to 136.5p by last January, were recommended as a speculation at 178p by Growth Company Investor earlier this year. They are today up 19.5p at 222.5p.

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