Connemara Mining upbeat on joint venture ownership shake-up

Josh White WebFG News | 13 Sep, 2017 15:36 | | |

calculatrice-et-trombones-comptes-entrepreneurs-entreprises-argent-finances-tpe-pme-entreprenariat-finances-banques-startup-business-plan-argent

Connemara Mining Co

4.55

17:18 21/11/17
-3.19%
-0.15
  • 1,525.56
  • 0.44%6.61
  • Max: 1,529.51
  • Min: 1,514.25
  • Volume: 0
  • MM 200 : n/a
17:30 21/11/17
  • 17,258.69
  • 0.92%157.02
  • Max: 17,331.68
  • Min: 17,024.59
  • Volume: 0
  • MM 200 : n/a
17:20 21/11/17
  • 1,024.87
  • 0.26%2.67
  • Max: 1,025.68
  • Min: 1,020.05
  • Volume: 0
  • MM 200 : n/a
17:30 21/11/17

Connemara Mining Company said on Wednesday that it has been informed that Group Eleven Resources, a private company, has acquired the 76.56% interest held by Teck Ireland in TILZ Minerals, the joint venture company which holds six prospecting licences covering the Stonepark zinc project in Limerick, Ireland.

The AIM-traded Connemara owns the remaining 23.44%.

It said G11 is a private Canadian company with “extensive” base metal licence holdings in Ireland.

MAG Silver and Teck Resources - both listed Canadian companies - hold 22.0% and 6.3% respectively of the equity on a fully diluted basis.

G11 had previously announced that they are preparing to list publicly in Canada later in 2017.

“This is very good news for shareholders,” said Connemara chairman John Teeling.

“Stonepark is an advanced asset which we believe has great potential, a view shared by our new partner G11.”

Rather than accept a cash and royalty offer from G11, Teeling said the board had decided that the best interest of shareholders lay in keeping the 23.44% interest in Stonepark.

“The consideration which Connemara would have received assuming all buybacks represents approximately 75% of the current market capitalisation of the company.

“We look forward to a resumption of active exploration on the block.”

More news

18:36 Numis sticks to 'hold' on Entertainment One after strong first half performance

Analysts at Numis Securities said "robust progress" evident in Canadian entertainment company Entertainment One's first-half trading results led it to the reiteration of its 'hold' rating and target price.

18:28 Europe close: Shares end near session highs

Stocks finished near their best levels of the day, possibly influenced by the latest German poll results which might help coax the country's politicians to return to the negotiating table in order to help thrash out a stable government coalition - or face the voters again.

18:08 Faroe Petroleum issues $100m senior, unsecured bond in Nordic bond market

The independent oil and gas company, Faroe Petroleum, announced on Tuesday the issue of a $100m senior, unsecured bond in the Nordic bond market, in an attempt to strengthen the company's balance sheet.

17:56 FX round-up: UK trade budget widens as greenback trades on the backfoot

Data out for the UK on Tuesday showed an unexpectedly wider budget deficit, while in the US, the dollar weakened 0.17% to 93.923 against a basket of currencies.

18:02 London close: FTSE higher on the day as UK deficit widens unexpectedly

Shares closed higher on Tuesday as data revealed an unexpected widening of the UK deficit ahead of the Autumn Budget.

17:38 Improved Asia-Pacific trading puts Spirax-Sarco in line with full-year targets

Industrial engineer Spirax-Sarco stayed on track to hit full-year expectations as sales in the four months leading to 31 October were boosted by growth in Asia Pacific, though offered limited visibility for 2018 due to the usual short-term nature of its order book.

17:27 US open: S&P 500 and Nasdaq Composite at fresh record highs

The S&P 500 and tech-laden Nasdaq Composite are pushing to fresh record highs amid a 'bullish' call on stocks out of Goldman and against a backdrop of supportive economic data.

17:04 JPMorgan upgrades ITV as European broadcaster concerns 'overstated'

UK broadcaster ITV was boosted by an upgrade from investment bank JPMorgan Cazenove, which views the European sector as markedly undervalued by the market, with addressable-TV a development that "will transform TV" for advertisers.

16:52 Investec cuts water company price target due to nationalisation threat

United Utilities could be forced to slash its dividend from 2020 due to new regulation, warned Investec, leading it to downgrade its rating on the water company, and cut target prices across the sector.

17:48 Robert Mugabe resigns as president of Zimbabwe

President Mugabe has handed in a written letter of resignation, putting a halt to impeachment hearings, the speaker of Zimbabwe's parliament said on Tuesday.