Cerillion Share Discussion Threads

[roverisback] 19/6/2007 07:35

hmm..floated at 400p...now 140p...interesting

[tsmith9426] 19/6/2007 07:35

considering that most miners are on a bull run whats the problem with celtic, is it foo

[gardenarc] 19/6/2007 07:32

interesting am watching this un.

[papalpower] 19/6/2007 07:23

Perhaps overvalued when you consider Kevin Foo is at the helm, imv.

[roverisback] 19/6/2007 07:11

looks undervalued

[doobydave] 31/5/2007 23:09

Memories...

Celtic Resources Goes For Joint Ventures

By Rob Davies

Most mining and exploration companies are complicated beasts. In part that arises from the range of countries they operate in and the variety of commodities they seek or produce. Add to that the many different ways that they can structure their holdings through earn-ins, joint ventures and carried interests and it is easy to see why some companies are placed in the "too much effort to analyse basket". One suspects that Celtic Resources may suffer from that to some degree. In any event managing director Kevin Foo definitely feels that the market does not really appreciate the many facets to his company and the potential it has.

Continued ...

[chevyplus] 31/5/2007 21:46

stephenwilson,
I think we may see some moves in this share as it is undervalued in my opinion and this research note from Aton is further evidence.

Celtic Resources. Drilling expands resources at Suzdal, identifies high-grade zones
Total resources at Celtic Resources' Suzdal mine have increased by 51,000oz (4%) to 1.4mn oz, compared to January 2006, the company reports. Moreover, a large portion of the resources were moved to the more explored Measured & Indicated category.

The grades of the resources in the measured category average 25g/t, so if the company decides to mine and process these ores first, its output at Suzdal could rise substantially. Our model assumes processing 10g/t ore in 2007, for 72,000oz of gold output; if the grade processed is doubled to 20g/t, the mine should be able to produce 145,000oz, and the company's EBITDA could increase by $45mn-$50mn, as costs would not rise significantly.

We view the news as mildly positive, with resources becoming more explored and high-grade zones identified. We do not currently see any need to make changes to our model, but believe the move to higher-grade ores supports our view of Celtic Resources as a solid turnaround story; we also believe there is now a chance for 2007 production to exceed our forecasts.

Our recommendation on Celtic Resources is Buy with an end-2007 fair value of $4.42.

[stephenwilson] 31/5/2007 17:00

Results running late supposedly due sometime in May. However the 60k marketmaker buys towards the end today augurs well.

[tigerinvest] 26/5/2007 09:22

Celtic Resources Holdings Plc
("Celtic" or "the Company")

New Molybdenum Projects

Celtic Resources ("Celtic"; ticker "CER") is pleased to announce that it has been awarded licences for three molybdenum prospects in Central and Northern Kazakhstan.

Highlights:
• Principally molybdenum deposits, with ancillary copper and gold at one deposit
• Significant exploration work completed including geochemical, trenching, geophysical
surveying, core drilling and initial resource estimates
• All projects have good access to infrastructure including power, water and rail
• Initial exploration expenditure of US$3million planned to define resource

......

[stephenwilson] 25/5/2007 16:01

Judging by its size its probably Deutsche adding again!

[kielbasa] 25/5/2007 15:44

I have just noticed a huge buy gone through at 13:59, we are on our way!!!!!

[kibb2] 25/5/2007 14:08

I'm back in also (out for a small loss last time round with Nez).....looks cheap to me, they have have the projects to grow production and quite a bit of cash to go towards funding them. Having said that, sentiment regarding the share seems dire.

K

[stephenwilson] 25/5/2007 10:17

Deutsche bank happy to add apparently. Holding 7.17% up from 5.96% in April.

[stephenwilson] 24/5/2007 12:06

According to the last trading statement (march) the results are expected sometime in May. Not much time left.

[jonnyboy1] 24/5/2007 11:40

yeah still in. its a lemon but a cheap one

[kielbasa] 24/5/2007 11:34

Some news, but a total lack of interest here and in the share price. Is there anyone left in this share?

[tigerinvest] 15/5/2007 18:39

I can't believe that there hasn't been any news since 19/04.... What the %$#@ is going on here.

[papalpower] 19/4/2007 16:51

Errrrr excluded from the decision, but obviously they did not put up a very good case not to sell then......perhaps these Russian problems and nudge nudge wink wink best take some profits ???? Nothing would surprise me with this bunch.



Celtic Resources Holdings PLC
19 April 2007

Change in director's interest

The Company has been advised of the sale of 30,000 ordinary shares of Euro 0.25 each in the Company, being 15,000 on 13 April 2007 at 183p and 15,000 on 16 April at 182p by MG Capital plc through which Peter Hannen, a director of the Celtic, holds an interest that is declarable under the Companies Act 1990. Mr Hannen and Mr Scott-Barret are excluded from the procedures whereby this decision was made.
As a result of this sale, Peter Hannen is now interested in 179,691 ordinary shares being 0.32% of the issued share capital of the Company.

19 April 2007





This information is provided by RNS
The company news service from the London Stock Exchange

[effortless cool] 17/4/2007 21:30

TigerInvest,

Many thanks for post 107. You saved me a lot of money.

[tigerinvest] 17/4/2007 21:14

Losing half the board is now called streamlining:

Celtic streamlines Board of Directors
As foreshadowed in December 2006, by Celtic's Chairman Peter Hannen, the Company announces a reduction in board size with the retirement of Michael Nesbitt and resignation of Euan Worthington. Mr. Worthington has agreed to remain available as a consultant for six months.
Commenting on the moves, Celtic's Chairman, Peter Hannen said "I would like to thank Michael Nesbitt, who was a foundation director of Celtic, for over 10 years of service and Euan Worthington, who has served for almost six years and has been instrumental in the corporate development of Celtic. I wish them well in their future endeavours."

[tigerinvest] 17/4/2007 21:11

Foo and communication....

[papalpower] 17/4/2007 10:22

Perhaps Kevin Foo has decided to sell CER to VOG for 100p a share........nothing would surprise me with Foo.

[bob148] 17/4/2007 09:36

The shares fall 6.5% and this thread is as silent as the grave. Is there no light at the end of this tunnel?

[tigerinvest] 10/4/2007 08:50

Here we go again:

Complex Russian gold claims and counter claims dog Celtic Resources
Celtic Resources has been challenged to pay gold mining debts which it denies it owes.

Author: John Helmer
Posted: Tuesday , 03 Apr 2007

MOSCOW -

Court bailiffs in the far eastern Russian region of Sakha (Yakutia) were recently persuaded by AIM-listed gold junior Celtic Resources to transfer and block recovery of over $15 million in debts, awarded to the Kazakh-owned metals group Arduina.

The recovery is in the form of court-ordered writs of enforcement, won by Arduina against South Verkhoyansk Mining Company (SVMC), which was sold by Celtic to Polyus Gold in September 2005. The sale and purchase transaction between them was net of SVMC's liabilities at the time, and appears to have consigned SVMC's debts to Celtic. But there was a catch -- and Celtic believes it has the legal right to exploit it.

Arduina accuses Celtic of unlawfully manipulating the legal process to stave off the multi-million payment which Celtic has been fighting in the Russian courts for several years. After losing a string of court cases to stave off debt collection, and instead of paying the debts, Celtic got Sakha regional bailiffs to hand over 9 payment enforcement writs to Celtic's lawyers. They then refused to return them when Arduina won fresh orders overrruling what the bailiffs had done.

"Writs of enforcement are like payment orders or bearer bonds," Michael Wilson told Mineweb. He is the lawyer who has represented Arduina through years of litigation against Celtic, and dozens of court cases in the regional and federal courts of the Russian system. "It is unprecedented, even in Russia, for the bailiffs to hand writs over to a third party, such as Celtic, which has no justifiable claim to them. This was done unlawfully, and one can only guess how this was arranged." Another source, familiar with mining litigation in the Sakha region, told Mineweb the bailiff action was unprecedented.

A Celtic spokesman told Mineweb the bailiffs had acted lawfully. "The writs were taken in order to defend Celtic's position as the real creditor, as Arduina had never paid nor lent any money to SVMC at any time. The bailiffs issued a ruling replacing Arduina as a creditor in the writs by Celtic. On the first batch of writs, Arduina lost the court case in both the Sakha courts and the subsequent appeal to the Irkutsk cassation court."

Arduina also believes Celtic management, headed by Kevin Foo, managing director, and Peter Hannen, chairman, misled AIM investors by claiming as a financial asset on its balance sheet the sum of $11.4 million. According to Celtic, this is loan money owed to Celtic by SVMC. A Celtic source says the amount is $11.77 million, and "is listed as an account receivable."

According to Arduina, Celtic should have written this amount off in November 2002, when the receivables were transferred to Arduina under Russian law -- a transfer the Russian courts have endorsed ever since. When Celtic got the bailiffs to surrender the writs, Wilson says Celtic's lawyers concealed the Russian legal record.

The complex claims between Arduina and Celtic stem from the fight over Nezhdaninskoye, the undeveloped Sakha region gold mine with an estimated 16 million ounces of gold and gold-equivalent in silver (calculated according to Russian standards). SVMC was to have been the mine operating company.

Celtic lost the fight, but received $80 million in compensation from Polyus for its stake in SVMC. The actual size of the shareholding Celtic was paid for has been controversial, because, until Polyus bought out both Celtic and the controlling investor in Nezhdaninskoye, Investment Group Alrosa, Celtic had been claiming majority control, and denying that it had sold, pledged, or lost a 30% shareholding.

Gold mining by Celtic is now concentrated across the Russian border in Kazakhstan, where problems have kept output to about 5,000 ounces per month. Gold sale revenues announced by Celtic in its latest report -- for the first half of 2006 -- were $17 million, with costs of $12 million.

According to the notes to this report, Celtic stated that arbitration proceedings between Celtic and Arduina, heard in London, had resulted in a finding in Celtic's favour. "Accordingly, no provision has been made in the Financial Statements in respect of this case," the note claimed.

Last December, in a press release Celtic also announced that Arduina had paid the arbitration award of GBP1 million, after a High Court appeal was lost. "We are delighted that this issue has been resolved in favour of the Company", Celtic chairman Peter Hannen said in the press release.

But the issue was far from resolved, and Arduina says it has now won fresh legal orders in Russia to enforce payment by SVMC of more than $15 million. By contrast, Celtic continues to claim in its financial reports that it expects to receive money from SVMC. The last full-year financial report prepared by Celtic for 2005 pinpoints the money which Arduina is trying to collect, and Celtic trying to block. In a note on financial assets, Celtic claims that it "expects to secure repayment of approximately $10 million of loans advanced by it to SVMC. The cost of the investment has therefore been reallocated to current assets in these accounts."

The claimant against Celtic, Arduina Holding B.V., is a unit of International Mineral Resources AG. Headquartered in Zug, Switzerland, the group is owned by three powerful Kazakhs. To pursue gold mining projects, they had entered into a partnership with the Israeli diamantaire, Beny Steinmetz, the owner of Nikanor Plc, a DRC minerals miner, and Bateman, the South African-based mining consultancy.

Arduina's position is as follows. In late 2002, Celtic, through Foo, had sought Arduina's help and money to meet Celtic's undertakings to develop Nezhdaninskoye, prevent the loss of its mining licences, and ward off a competing bidder for control of the mine.

In return, Arduina received from Celtic all rights and receivables under the loans Celtic had made to SVMC, the joint venture between Celtic and its then Russian partner, which held the Nezhdaninskoye goldmine licence and operated the mine. The principal amount of the loans to SVMC totalled $11.4 million. This was in November 2002; one month after Celtic listed its shares on the London Alternative Investment Market (AIM). Accumulating interest, penalties, and recovery costs have boosted Arduina's claim to more than US$21 million. More than 50 court rulings and orders have been won by Arduina confirming its right to collect its money from SVMC and Celtic.

According to Wilson, "if Celtic had written-off this debt in November 2002, when it should have, as the courts have now finally determined, then the junior gold miner would have been more seriously loss-making than it reported since it was first listed -- until 2006, when it booked the profit of its sale of Nezhdaninskoye." According to Celtic's financial reports, the company recorded $10.3 million in losses in 2002; $3.6 million in profit in 2003; $2.8 million in profit in 2004; and $1.9 million in losses in 2005. In the first half of 2006, Celtic reports booking $38.7 million in after-tax profit, mostly from the mine sale to Polyus.

Throughout Celtic's brief life as an AIM goldminer, Arduina has been challenging Celtic's bookkeeping and record of disclosure, and pursuing the company for its money back, plus damages.

Foo and Hannen were asked to say why the company's reports to the market do not mention the court rulings and writs of enforcement. Replying, Celtic's spokesman told Mineweb: "The second batch of writs is still under court review with a hearing scheduled in April. This is still subject to court ruling, and until it does in April, then obviously Celtic cannot make an announcement."

Polyus told Mineweb it "knows nothing about Arduina or its loan, or the debt to Arduina." According to spokesman Denis Davidov, he believes Polyus is not liable for this debt.

The catch in the affair, according to an insider who has seen the transaction documents, is that Polyus agreed to set aside the amount of money which was acknowledged to be in dispute between Celtic and Arduina. Polyus should be ready to pay out of this retention fund when the bailiffs deliver the writs to SVMC. But there is also a provision in the Polyus agreement with Celtic, in which the former appears to undertake not to assist in this debt collection. Once the money is paid, the source added, Celtic would have no alternative but to pursue Arduina for it -- a process that has already been lost in the Russian courts.