News

June 26, 2009

Opportunity Knocks For Connemara Mining As It Continues To Work Up Its Zinc Discovery In Limerick

By Alastair Ford

Over the years John Teeling has acquired something of a reputation for spotting opportunities in situations that might not appear immediately beneficial. Thus he has business interests in Iraq, in Iran, in some of the less salubrious of the African nations, and in some of the more out of the way parts of Bolivia and Peru. He’s also, as we reported earlier in the week, considering moving into certain of the central Asian countries, namely Azerbaijan, Kazakhstan, and Kyrgyzstan. But it’s not just about location of course. As a veteran of the resources market of several decades standing, John’s also quite capable of spotting an opportunity in the midst of someone else’s deal. So, he’s thinking a lot closer to home when he mentions the possible benefits to his Irish zinc company Connemara Mining of the proposed merger between Xstrata and Anglo.

Whether that deal is at all likely to go ahead, given what appears to be deep-rooted opposition in South Africa, not to mention on the Anglo board, remains to be seen. But if it did start progressing through the lawyers’ offices such a tie-up would have huge ramifications for Irish zinc. According to the way John maps it out, Anglo’s Lisheen mine lies some 30 kilometres to the north of the Xstrata/Minco joint venture at Pallas Green. And adjacent to Pallas Green is the Connemara’s own ground....