News & Comment
Bid target Celtic Resources should receive $17.5 million (£8.7 million) from selling its stake in Russia's Tominskoye copper project.
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Celtic Resources has rejected an improved 270p-a-share bid from 29.7 per cent shareholder Severstal.
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Kazakhstan and Russia-focused Celtic Resources says it has received a preliminary takeover approach.
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Alexey Mordashev’s Severstal steel group has bought 22 per cent of Celtic Resources for an estimated £25 million.
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Central Asia-focused Celtic Resources is thought to be mooting a potentially lucrative nickel venture in Russia.
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Celtic Resources has made a £21 million first-half profit and is pondering a rescue bid for spin-off Eureka Mining.
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Celtic Resources has received $80 million (£44 million) from Russian oligarch Vladimir Potanin for withdrawing from the Nezhdaninskoye gold mine.
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As foreshadowed here, Russia's Norilsk Nickel has bought half of the 28 million oz Nezhdaninskoye gold mine from under Celtic Resources' nose.
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Reports of a £160 million 'gazumping' bid for Russian gold resources being bought by Celtic Resources have hammered Celtic's shares.
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Molybdenum and copper hopeful Eureka Mining plans to raise £9 million at 125p to acquire the Chelyabinsk project in southern Russia and to develop other interests.
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By giving Kazakhstan's uranium corporation KazAtomProm half of the Shorskoye molybdenum project, Eureka Mining says it can start to obtain cashflow in six months.
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Shares in Celtic Resources, the prospecting company looking for gold in Siberia, today shed nearly 15 per cent on their first day's trading on Aim, writes Robert Tyerman.
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Mining hopeful Celtic Resources, which intends to move its shares from Dublin's Exploration Securities Market to AIM on 14 October, lost £380,000 in the six months to June. It says its £3 million open offer has so far received 3.8 per cent acceptance. Robert Tyerman reports.
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As foreshadowed here on 9 September, mining hopeful Celtic Resources has announced it intends to move its shares from Dublin's Exploration Securities Market to Aim on 14 October, after raising a hoped-for £8 million through a £5 million placing and £3 million open offer, writes Robert Tyerman.
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Australian mining entrepreneur Kevin Foo is preparing Irish-listed Celtic Resources for an Aim launch on 7 October, following a £5 million placing with institutions and £3 million offer to private investors next Tuesday, writes Robert Tyerman.
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Mining shares have been out of favour over the past week, as
resource-minded investors have focused on a strong oil price and energy
companies. But activity continues apace among the miners and the sector
still offers interesting opportunities.
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Sector Articles
Certain City sages are growing nervous about the small mining company market and are beginning to question how much longer today's boom climate can last
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Gold's dip below $400 an ounce, and shakiness in some of the hitherto stronger-performing base metals has not dented the eagerness of mining companies to tap the markets while they can.
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Chinese demand is pushing base metal players ever higher, while diamonds are still Ireland's best friend
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Canadian mining group Placer Dome's £860 million bid for Australian gold producer Auiron Gold has stimulated interest in substantial bid targets in a fast-concentrating industry and the possibility of a counter bid for Auiron Gold (recently quoted at 173.235p). Another Aussie, Perilya, has almost doubled to 34p since our December recommendation, and some profit-taking is in order. Durban Rooderpoort Deep has risen from 218.74p when we highlighted it in March to 342.5p, and may slow down. Another Aussie, Perseverance, is up 30 per cent, at the equivalent of 6.75p, since last week. Lonmin (LMI) and Aquarius Platinum (AQP) meanwhile look firm.
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Mining markets remain mixed, while oil has stolen the limelight. Rio Tinto has marked time at £14.48p, Lonmin shaded another 8p to £11.90 and Antofagasta slipped 5p to 625p. Cluff Mining meanwhile has rallied 8.5p to 279.5p. They all look sound in the longer term, but new deals are still seeking investors' attention. Broker Canaccord is steering entrepreneur Peter Hambro to Aim and has two or three more up its sleeve, as do several others.
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All sorts of pundits and money managers are now talking up the prospects for gold at $279 an ounce, as we suggested last week, with some rhapsodising about a doubling or more in the price.
If it happens, it will breathe life into many junior mining sharers – and bring some dogs out of their kennels. For now, the prudent course is to back companies with good, valid cases at current levels. They would benefit if it happened and thrive if it did not. There is still time to wait for the marginals, assuming gold for once does what its fans expect.
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Gold has continued to hold up well – so far – at around $292 an ounce in the current atmosphere of crisis, in the face of heavy selling by some central banks, but the same cannot be said for shares. Angus & Ross has spurted 40 per cent to 20.5p after last week's mention, but majors, such as Rio and Lonmin, are down. Individual deals are what the market wants just now.
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Mining companies are still speeding to London and other financial centres to fund deals around the world, as share prices oscillate. Cluff Mining (CLU), up a modest 4p since last week, to 201.5p, is maintaining its recovery on platinum hopes. Elsewhere, falls in copper prices – dismissed as 'seasonal' by miners – has not helped the short-term movements of the likes of Rio (RIO) at £12.53 and Antofagasta (ANTO) at 474p. But it is worth holding some.
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