Serial mining entrepreneur John Teeling is planning to list his latest exploration venture, Connemara Mining, on London's Alternative Investment Market (Aim) by the middle of next year.
Dr Teeling, who owns the majority of the company together with his family and business partner Jim Finn, said he would also consider a listing for Connemara on Dublin's IEX if the costs weren't too high.
Connemara Mining has 22 licences to drill for zinc in Ireland, 15 of which are in the Limerick area near Pallas Green, where rival exploration group Minco (of which Dr Teeling was once chairman) has already discovered deposits. The others are in Meath, Cavan and Kerry.
The value of zinc, like many other commodities, has risen significantly recently as increased demand from China puts pressure on supplies. Moreover, inventories are at historic lows due to a lack of exploration and new finds in the past few decades. Zinc prices on the London Metal Exchange have more than doubled this year.
To develop the licences, Connemara has a joint venture with Teck Cominco, under which the Canadian zinc producer can spend €2 million over the next four years for a 75 per cent interest in the Limerick licences. So far Connemara has spent about €400,000 on the Limerick licences and hopes to drill as many as five targets next year.
Dr Teeling said the company won't seek to raise any money through the listing, but will likely raise about €500,000 prior to the initial public offering.
