Celtic resources, 569 801

1. offizieller Beitrag

    Hallo Warren


    ich habe es einmal studiert, die Bewertung des Unternehmens ist verglichen mit anderen Goldminen ziemlich günstig. Was mich dann aber abschreckte sind die Produktionsstandorte - m.E. geht man mit dieser Aktie ein grosses Länderrisiko ein. Wenn Dir das Länderrisiko nichts ausmacht, empfehle ich Dir auch einmal einen Blick auf Avocet Mining zu werfen, welche von der Bewertung her etwa in der gleichen Liga wie Celtic spielen.


    Grüsse,
    Thom

    Hallo thom,


    das mit dem Länderrisiko schreckt mich schon ab, aber die Bewertung
    ist sehr günstig, die Produktionskosten sehr niedrig. Ein hochinteressan-
    tes Unternehmen.
    Schade, dass die in der ehemaligen Sowjetunion tätig sind.
    Die andere Firma werde ich mir auch mal anschauen. Danke für den
    Tipp.


    Gruss


    Warren

    Da stellt sich die Frage, wo Ihr die genannten Aktien - wenn überhaupt - kaufen wollt. In den USA werden beide (Celtic, Avocet) nur als PinkSheet gehandelt, und auch in Deutschland gibt es so gut wie keine Umsätze.


    Von beiden Unternehmen haben ich noch nie gehört. Aber mein Eindruck zum Standort EX-UdSSR: Ich traue solchen Standorten eher mehr als z.B. einem Standort Deutschland. Diese Länder haben einfach zu viel Nachholbedarf, als dass sie es sich leisten könnten, Investoren zu vergraulen. Dies gilt besonders für den Bereich Rohstoffe, der in der Ex-UdSSR von hoher Bedeutung ist.
    Das mag etwas naiv klingen, aber günstige Bewertungen gibt es eben i.d.R. nicht gratis. Daher sollte man auch in solche Standorte hinein streuen.

    Hallo Karl


    Avocet und Celtic werden beide in London gehandelt.
    Eine Streuung in solche Standorte ist sicher überlegenswert - man muss sich einfach (wie bei allen Investments) der potentiellen Risiken bewusst sein.


    Gruss,
    Thom

    News Release


    Barrick wird beteiligt sich an Celtic, um die Goldprojekte in Jakutien und Kazachstan zu entwickeln.


    Die Verhandlungen mit IG Alrosa über die 100% Beteiligung an Nezhdaninskoye sind immer noch nicht geklärt. Celtic will Barrick eine Option auf 51% einräumen, wenn IG Alrosa ihren Anteil in Celtic einbringt.




    Strategic Relationship with Barrick Gold Corporation and Placing to raise £14.9 million


    • Barrick to become significant shareholder in Celtic


    • Strategic relationship with Barrick to develop gold projects in Yakutia and Kazakhstan


    • Barrick to inject £14.9 million into Celtic by way of a placing with further possible equity injections of up to £45 million


    • Barrick to provide financial and technical assistance with the further development of Celtic's Nezhdaninskoye gold project and to have participation rights in Celtic's future projects in Kazakhstan


    • Barrick to have the right to appoint two non-executive directors to the Board of Celtic


    The Board of Celtic Resources Holdings Plc ("Celtic" or the "Company") is pleased to announce that it has entered into a strategic relationship with Barrick Gold Corporation ("Barrick") to develop Celtic's current and future gold assets in Yakutia and Kazakhstan. Under its terms, Barrick has agreed to inject £14.9 million into Celtic by way of a placing and may make further cash injections of up to £7.5 million by way of the future exercise of warrants and up to US$75 million by way of an equity credit line. In addition, mechanisms have been established under which Barrick can participate in all of Celtic's future new projects in Kazakhstan and play a key financial and strategic role in the development of Celtic's Nezhdaninskoye project in Yakutia.


    Terms of the Placing, Warrant and Equity Credit Line


    Barrick has agreed, subject to closing conditions, to subscribe for 3,688,191 units (the "Units") at a price of £4.029 per unit (the "Subscription Price") raising £14.9 million for Celtic (the "Placing"). Each unit will comprise one new ordinary share in Celtic (a "Subscription Share") and one half of a warrant (a "Warrant") to subscribe for one new ordinary share in Celtic (a "Warrant Share") at a price per share equal to the Subscription Price. The Warrants will expire on 31 December 2007. The proceeds of the Placing will be used primarily for working capital purposes.


    The Subscription Shares will represent in aggregate approximately 10 per cent. of the existing issued share capital of the Company and the 1,844,095 Warrant Shares will represent approximately 5 per cent. of Celtic's existing issued share capital.


    Celtic currently has authority to issue only the ordinary shares necessary to satisfy the Placing. Approval will be sought at an extraordinary general meeting ("EGM"), inter alia, to issue the Warrants and to issue shares under the equity credit line. A circular convening the EGM will be sent to shareholders shortly and completion should take place two days after the EGM, expected to be held later this month.


    Celtic has also granted Barrick, subject to shareholder approval at the EGM, the pre-emptive right to subscribe for ordinary shares in Celtic at the Subscription Price for up to an aggregate total of US$75 million (approximately £38.6 million) in any placing or other equity fund-raising which Celtic undertakes during the 12 months from closing.


    Other Terms of the Strategic Relationship


    Yakutia


    Celtic is currently in negotiations with IG Alrosa to increase its interest in the Nezhdaninskoye gold mine to 100 per cent. and the Board of Celtic is confident that these negotiations will conclude in the near future. Celtic has granted Barrick an option (the "Option") to purchase a 51 per cent. interest in Nezhdaninskoye, for US$195 million payable in tranches, subject to achieving specified milestones. The Option becomes effective when Celtic acquires 100 per cent. of Nezhdaninskoye and Barrick will have six months to exercise the Option which is subject to a final closing date of 31 December 2006.


    Kazakhstan


    It has also been agreed that Barrick will have the option to take a 50 per cent. interest in any mineral projects Celtic acquires in Kazakhstan within 12 months of their acquisition by Celtic. The consideration payable by Barrick will be 50 per cent. of the asset's original purchase price plus associated acquisition and development costs.


    The Celtic Board


    In order to reflect the importance of the strategic relationship to both parties Barrick will have the right to appoint two non-executive directors to the Board of Celtic.


    Peter Hannen, Chairman of Celtic, said, "The Board of Celtic is delighted to have one of the largest and most dynamic players in the gold industry as a cornerstone investor. We are excited about the prospects of working with Barrick on developing gold projects in Yakutia and Kazakhstan, using the significant influence and financial support which they bring."


    Greg Wilkins, President and Chief Executive Officer of Barrick, said, "We consider the investment in Celtic as an excellent opportunity to further enhance and strengthen Barrick's future growth profile. We view the investment as a key strategic relationship for our growth in Russia and Central Asia."

    Celtic Resources


    07.12.2004 ki - GOLDINVEST.de daily
    Der kanadische Goldkonzern Barrick Gold kauft sich beim Dubliner Bergbaukonzern Celtic Resources ein. Damit bestätigt Barrick seine Zuversicht für die Goldminenbranche in Russland. Beide Seiten dürften profitieren.


    Der drittgrößte Goldproduzent der Erde, Barrick Gold, verstärkt seine Präsenz in Russland. Das lassen sich Chairman Peter Munk und Vorstandschef Gregory Wilkins rund 22,4 Millionen Britische Pfund (32,5 Millionen Euro) kosten. Dafür bekommt der Konzern aus Toronto 13,5 Prozent an Celtic Resources, vorausgesetzt Barrick übt seine eingeräumten Kaufoptionen über rund 4,5 Prozent von Celtic bis Ende 2007 aus. In etwa noch einmal 20 Millionen Pfund soll Barrick für gemeinsame Projekte zum Beispiel in Jakutien ausgeben.


    Für Barrick bedeutet dies nach einer 17prozentigen Beteiligung an Highland Gold erst den zweiten Schritt auf den russischen Goldmarkt. Dies ist hoch einzuschätzen bedenken wir die Expertise des Vorzeige-Gold-Konzerns. In Investorenaugen dürfte nicht nur Celtic damit aufgewertet werden, sondern auch in die russische Branche mehr Vertrauen kommen.


    Über Barrick Gold brauchen wir hier wohl nicht viele Worte verlieren: Rund fünf Millionen Unzen Goldproduktion in weiten Teilen der Erde, insbesondere USA, Peru, Tanzania und natürlich Kanada. Die Produktion dürfte bis 2007 zunehmen und dann rund 6,5 Millionen Unzen erreichen. Die reinen Abbaukosten erreichen nur etwa 200 US-Dollar je Unze.


    Celtic Resources kennen bisher nur die Freunde des russischen Bergbaus. Im vergangenen Jahr förderte der Konzern, der seit 2001 profitabel arbeitet, 35.000 Unzen Gold. Im laufenden Jahr dürften es bereits rund 120.000.Unzen sein. 70.000 Unzen kommen aus zwei Projekten in Kasachstan, Suzdal (50.000) und Zherek (20.000) bei Cash Costs von nur 180 beziehungsweise 158 US-Dollar je Unze. Zherek dürfte bei einer Produktion in den nächsten Jahren von rund 50.000.Unzen an seine Grenzen stoßen. Suzdal besitzt dagegen Potenzial für eine Produktion von deutlich mehr als 100.000 Unzen im Jahr.


    Das Aushängeschild von Celtic dürfte jedoch die Nezhdaninskoye-Mine in Jakutien werden, auf die es auch Barrick abgesehen haben dürfte. Derzeit besitzen die Iren 50 Prozent an der Mine, die anderen 50 Prozent hält der russische Diamanten-Konzern Alrosa. Über einen Aktientausch will Celtic die Anteile von Alrosa erwerben. Im riesigen Nezhdaninskoye-Projekt wurden bisher Ressourcen von 28 Millionen Unzen Gold und rund 100 Millionen Unzen Silber nachgewiesen.


    Angenommen das Geschäft mit Alrosa geht in den nächsten Monaten über die Bühne – davon sollten wir ausgehen, da sonst Barrick wohl nicht in Celtic investiert hätte, dürften die Iren ihre Gesamtproduktion bis 2008 auf mehr als 600.000 Unzen steigern können. Knapp 500.000 Unzen dürften dann aus dem Projekt in Jakutien kommen bei faszinierend niedrigen Abbaukosten von unter 100 US-Dollar je Unze.
    Bleibt der Goldpreis auch nur konstant, dann sollte es in den nächsten Monaten eine deutliche Neueinschätzung für die Cltic-Aktie (ISIN: IE0031880887/WPKN:569801) geben. Der Konzern wird derzeit mit rund 250 Millionen Euro bewertet. Geht die Planung des Managements auf, bis 2006 über rund 60 Millionen Unzen Gold-Ressourcen (Silber umgerechnet) zu verfügen, wären dies nur gut vier Euro je Unze Ressourcen. Dieser Wert verwässert zwar noch, da Barrick bis zu 51 Prozent an dem Projekt in Jakutien übernehmen kann und Alrosa Celtic-Aktien erhält. Dennoch sollte Celtic mehr wert sein als der Aktienkurs derzeit aussagt. zurück
    http://www.goldinvest.de/publi…&sc=&i=&y=1717&s=&offset=

    Heute Kurssturz um -18%. Hängt zum einem mit den schlechten Zwischenergebniszahlen zusammen, hauptsächlich vermutlich mit der immer stärkeren Gewißheit, daß die Russkies nicht daran denken, die Hälfte von Nezhdaninskoye an Celtic/Barrick abzutreten. IG Alrosa soll den Anteil schon der neuen Goldfirma Polyus von Norilsk Nickel zugesagt haben. Schon die über ein Jahr dauernden Verhandlungen mit IG Alrosa ließen ahnen, daß irgendwo Sand im Getriebe ist.


    "Celtic Resources, led by managing director Kevin Foo, now finds itself with a great deal of explaining to do of where its assets have gone, and a plethora of arbitration and litigation claims to answer. Foo, who appears to be left with just 20% of Nezhdaninskoye and serious tension with his principal investor Barrick, along with other shareholders, did not respond to questions by publication time. He is reported by gold market participants to be furious :D , and is threatening to block the Polyus takeover in court.


    Foo will soon have to account for a 30% stake in Nezhdaninskoye, which at one time he and Celtic claimed to own, but which is in fact the property of companies registered in the Caribbean. Disclosures by Celtic of what exactly happened to the shares and funds associated with their transfer are quite recent, and much is still unknown, or unclear . If Polyus manages to consolidate the disputed share bloc, the impact on Celtic’s share value could be considerable. "
    Aus: Foo's gold and the revenge of the snow bunnies
    http://www.mineweb.net/columns/emerging_russia/482068.htm

    Noch so schöne Augen trösten nicht bei einem Tagesverlust von -27,63% :(



    Celtic Resources Dumped As Mkt Loses Patience


    Thursday, September 08, 2005 9:53:20 AM ET
    Dow Jones Newswires


    1339 GMT [Dow Jones] Celtic Resources (CER.LN) -28% to 218.5p as market finally loses patience on its Nezhdaninskoye deal, says analyst. There's been talk since last year the deal could be completed, but nothing has materialized. Analyst reckons the company could get squeezed out. Shares have now dropped to a value that tallies with his estimates, "they should be trading at this level." Celtic isn't immediately available to comment. (JZR)

    27-Monatstief bei Celtic.


    Erst schnappt ihnen Norilsk einen 50% Anteil an Nezhdaninskoye nach jahrelangen Verhandlungen weg. Nun wird auch noch wahrscheinlicher, daß weitere 30% unsicher sind und Celtic vielleicht nur noch 20% hält.


    Celtic hat heute mit einer News Release den verworrenen Sachverhalt aufzuklären versucht. Scheint ein totales Durcheinander zu sein.


    Irgendwie hat Celtic die 30% an eine russische Bank verpfändet. Später sich im Rahmen einer "Reorganisation" einverstanden erklärt, daß die Anteile zu Firmen auf den Kaiman-Inseln kamen. Wieder später wurde dann festgestellt, daß die Anteile zu Firmen auf den Jungferninseln weiter wanderten. Total irre Story. Ob nicht Brett Kebble bei den verschwundenen 30% seine Hand im Spiel hatte? :rolleyes:


    Celtic Resources Shares Plunge to 27-Month Low on Russian Suit


    Oct. 6 (Bloomberg) -- Shares of Celtic Resources Holdings Plc, which mines gold in Russia and Kazakhstan, fell to a 27-month low after it reopened legal proceedings against a Russian bank to retain a 50 percent share in a Siberian gold mine.


    Celtic is reviving a three-year legal battle to regain full title to a 30 percent stake in South Verkhoyansk Mining Co., owner of the Nezhdaninskoye gold mine in Russia's Far East, the Dublin- based company said today in a Regulatory News Service statement. Celtic also took out injunctions in the British Virgin Islands against companies who claim the stake.
    ...
    Celtic shares dropped as much as 10.5 pence, or 6.2 percent, to 158.5 pence in London, the lowest since June 2003. They were trading at 161 pence as of 11:17 a.m. in London. The stock has declined 60 percent this year, valuing the company at 67 million pounds ($119 million).


    The company said today it pledged a 30 percent stake in South Verkhoyansk in early 2000 to obtain financing for the development of Nezhdaninskoye. Celtic repaid the loan on Oct. 17, 2002, and was later told that that the bank had transferred the South Verkhoyansk stake to two companies in the Cayman Islands on Oct. 11, 2002. The stake has since been transferred to companies in the British Virgin Islands.
    ...
    http://www.bloomberg.com/apps/…advfnk4NlIiE&refer=canada

    Celtic von russischer Wirrnis nicht gelähmt


    Celtic Far From Hamstrung by Russian Imbroglio


    By Stephen Clayson
    26 Oct 2005 at 01:55 PM EDT


    LONDON (ResourceInvestor.com) -- Celtic Resources [AIM:CER] has had a torrid time of things of late, and serves as an example of the pitfalls that can await Western miners trying to make their way in Russia. Nevertheless, the company is confident of the outlook for its producing assets in Kazakhstan, and hopes that in time its Russian travails will be surmounted.


    Russia


    Legal wrangling regarding the ownership of Nezhdaninskoye, often described as potentially one of the world’s largest gold mines and of which Celtic owns 50%, has been ongoing in one form or another for some years now, and still shows little sign of coming to a satisfactory end. Two issues bedevil the asset. The first is the recent sale by Russia’s Alrosa of the other 50% of the project not owned by Celtic to Polyus, the gold mining arm of Russian behemoth Norilsk Nickel. The second is the rather irregular claim by parties still essentially unknown to 30% of Nezhdaninskoye. This is contested by Celtic, but remains unquashed in any decisive fashion.


    What marks out the first issue as troublesome is the way in which an ostensibly superior offer for Nezhdaninskoye from Celtic and its strategic partner Barrick Gold [NYSE:ABX; TSX:ABX] was turned down in favour of the proposition from Polyus. This was accompanied by a precipitous collapse in Celtic’s share price, rumoured to be orchestrated by parties with an interest in the success of Polyus’ offer for Nezhdaninskoye, as Celtic’s bid was comprised in significant part of its own shares and was therefore made much less attractive by such a depreciation.


    Despite all this, Celtic’s Managing Director Kevin Foo says that he is not unhappy with the change of ownership from Alrosa to Polyus [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000285.gif] , hoping that perhaps in time this will be propitious for the serious development of Nezhdaninskoye, which has been stalled for quite a while now. Several options exist for the way in which this might proceed. Celtic’s preferred route according to Foo would be for the company and Polyus to try and develop Nezhdaninskoye to production on an equal footing, with Celtic probably assisted by Barrick in order to help satisfy the sizable funding demands that this would entail.


    However, it remains uncertain which course may be taken. Polyus may attempt to buy Celtic out of Nezhdaninskoye, or even reverse into Celtic as a whole, which would allow the Russian company to gain control of Nezhdaninskoye as well as to secure a UK listing. Foo imparts that Polyus is still undertaking due diligence on Nezhdaninskoye in order to ascertain exactly what it has acquired, and that progress on the asset’s development is more likely once this has been completed and the Russian firm has a clearer idea of the direction in which it wants to move.


    Unfortunately for Celtic, the market is probably awaiting a resolution, or at least more clarity on both issues concerning Nezhdaninskoye before taking account of the asset within Celtic’s overall valuation, which is currently based largely the company’s two producing mines in Kazakhstan.


    Kazakhstan


    Kazakhstan is arguably the bright spot for Celtic at the moment. The company has two producing mines in the country, Suzdal and Zherek, and has plans to eventually increase the output of both. In addition, Foo reports that Celtic is considering the acquisition of further assets in the country, which in many ways offers a superior operating environment for Western companies than that to be found in its erstwhile suzerain to the north. Celtic is also interested in making acquisitions in Kyrgyzstan, a country with some notable gold mining potential, though without all the relative amenities of its larger neighbour Kazakhstan.


    Celtic is targeting gold production of 80,000oz/yr from Suzdal, its primary asset in Kazakhstan, by the end of next year, with 100,000oz/yr the company’s goal from the year after that. This would be a significant increase from the mine’s current annual production of around 40,000oz, and is intended to be achieved by tapping refractory underground sulphide ores following the exhaustion of overhead, open pit accessible oxides. These sulphide resources are relatively high grade at around 12g/t, but their composition necessitates bio-recovery, a $45 million plant for which has now been constructed and paid for. Foo expects operating costs for the sulphide operation at Suzdal to come in at less than $200/oz; fairly competitive on a global scale.


    Celtic’s second asset in Kazakhstan, Zherek, currently produces around 20,000oz/yr gold through open pit oxide mining, in return for operating costs in the region of $220/oz. However, the company expects these resources to be exhausted by 2007, following which underlying sulphides may be transported to the bio-recovery plant at Suzdal to further extend the life of both assets.


    In all, Celtic’s activities in Kazakhstan have been crucial in allowing the company to weather the storm stirred up by the inauspicious events that have overtaken Nezhdaninskoye. Partly as a consequence, Celtic is currently on a sound financial bedrock, with cash balances of around $15 million, $10 million of which is from a recent placing, and of course fairly healthy future cash flow to be expected from the Suzdal and Zherek mines.


    Investment Outlook


    It is hoped by Foo that progress of some sorts regarding the situation of Nezhdaninskoye may become apparent by the end of the year. If so, this could precipitate a recovery in Celtic’s share price, which has more than halved to just over 200 pence since the beginning of the year.


    In the meantime though, improvements to Celtic’s assets in Kazakhstan or a prudent expansion of the company’s portfolio there may offer upside to shareholders. But what would ideally accompany this would be a resolution one way or another of the Nezhdaninskoye embroilment. If this were to be the case, Celtic might be set for a new beginning.
    http://www.resourceinvestor.com/pebble.asp?relid=14045

    Polyus' Moves Neutral For Celtic Resources


    Wednesday, November 16, 2005 7:39:30 AM ET
    Dow Jones Newswires


    1227 GMT [Dow Jones] Polyus Group's proposed Yakutia assets capital injection is "neutral" for Celtic Resources (CER.LN) which is embroiled in an ownership dispute over the Nezhdaninskoye mine there, says a London-based analyst. On the positive side, it will bring forward development at Nezhdaninskoye, and should also "accelerate or precipitate" the resolution of the ownership issue of that asset too. "Fundamentally if someone offers Celtic the right amount of cash, it'll take it." But at same time, Norilsk Nickel (GMKN.RS) is unlikely to want uncertainty over asset ownership as it attempts to bring Polyus to Western markets, "it's just not worth the bother really for Norilsk." Celtic's Managing Director says it's in talks with Polyus "we're chatting, it's friendly." "No one wants long-term problems so we're looking for solutions." Celtic -1.2% to 202.5p (JZR)
    http://www.newratings.com/analyst_news/article_1120572.html

    Norilsk Nickel Grabs Control over Nezhdaninskoe Gold Deposit

    Jan. 30, 2006


    Irish Celtic Resources Plc and Polus are nearing the end of the dispute about Nezhdaninskoe gold deposit. As a result, Yakutia’s largest deposit will pass under the 100-percent control of firms related to Norilsk Nickel and Celtic will have no assets in Russia whatsoever.


    Irish Celtic Resources Plc and Polus are close to ending one of the biggest corporate brawls. In one of these days, the parties are likely to conclude an amicable agreement, whereby, in return for sizeable money compensation, Celtic is expected to abandon claims to the challengeable 30-percent stake in South Verkhoyansk Mining Co. (Russian acronym is YuVGK), which holds the license for Nezhdaninskoe deposit, said a source close negotiations. Moreover, Celtic will sell the remaining 20 percent in South Verkhoyansk Co., transferring its sole asset in Russia under control of Norilsk Nickel.


    Nezhdaninskoe gold deposit has 470 tons in reserves. Holders of South Verkhoyansk Mining Co. are Yakut Mining Co. (50 percent), Celtic Resources Plc (20 percent) and two British Virgin offshores - Golden Invest Corp. and Davenport Ventures Ltd. (30 percent). Norilsk Nickel’s subsidiary, Polus, bought out 100 percent in Yakut Mining Co. from ALROSA past September.
    by http://www.kommersant.com


    [Blockierte Grafik: http://www.kommersant.com/photo/300/DAILY/2006/015M/KP_46294_011_10_l.jpg]
    Vladimir Potanin’s Norilsk Nickel will be mining Russia’s gold with no aid of the foreigners.

    Verkauf von Nezhdaninskoye lt. heutiger Mitteilung abgewickelt, Knete ist nun vorhanden. Was gucken, ob sie was gescheites damit einkaufen. Dauert halt alles.


    Peter Hannen, Chairman commented, “Celtic is now placed to continue with its fundamental aim which remains: to grow into a significant gold mining company. We are actively assessing potential projects for acquisition to build on the production base at the Suzdal and Zherek mines in Kazakhstan. We are pleased to finally have completed this transaction and the Company can now look to the future, move forward and grow.”

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