Central Asia-focused Celtic Resources is thought to be mooting a potentially lucrative nickel venture in Russia.

AIM-quoted Celtic, which increased gold production from Suzdal in Kazakhstan by 62 per cent to 61,520 ounces last year, is relatively cash rich, having been pressured to sell its stake in Russia’s Nezhdaninskoye gold project to oligarch Vladimir Potanin for £44 million. Market sources believe chief executive Kevin Foo now has in mind another Russian deal, a nickel joint venture, and is also actively contemplating potential corporate deals elsewhere.

Floated at 135p in 1999, Celtic shares reached 530p in 2004, but have taken a battering since. At 178p, down 3p today and valuing the company at £102 million, the shares have speculative recovery potential.