Shares rise in John Teeling’s Connemara Mining

Shares in the John Teeling run Connemara Mining rose over 7% as international “value investor” Paul Johnson substantially increased his stake in the firm.

Shares rise in John Teeling’s Connemara Mining

Investors Paul and Michelle Johnson said they increased their holding in the closely-held Ireland-focused zinc and gold prospecting company to 7.15m shares, representing 9.43%, of the explorer.

Mr Johnson, who had first started building a stake a few months ago, tweeted Connemara’s €1.35m (€1.52m) stock market value was far too low. “Increased my position £1.35m cap - simply wrong valuation!” he tweeted. “£1.35m cap - multiple gold and zinc projects.”

Connemara has 15 zinc licenses in Ireland, including at Stonepark in Limerick, adjacent to the Limerick to Dublin road, and at Oldcastle in Co Meath. It also has 20 Irish gold prospects.

In recent interviews, chairman Mr Teeling said the price of zinc was “hot” at the moment. He told a YouTube channel, Tip TV Finance that “Ireland is the best place in the world to explore for zinc — it has some of the biggest zinc licenses”. Speaking to Mining Weekly, he said Connemara was keen to find a new joint venture for some of its zinc prospects to help the company tap the rising price of zinc.

It is currently tied with Teck — one of Canada’s largest mining firms. Mr Teeling said that there was interest from mining companies in taking the share Teck controls in the joint venture at Stonepark and that Connemara would facilitate any transaction. Teck, he said, had been “a wonderful partner”.

He told the Irish Examiner yesterday zinc was the “metal of choice” at the moment. Mr Teeling said Connemara has a small shareholder base of 300 investors.

More in this section

IE logo


The Business Hub

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
Puzzles logo

Puzzles hub

Visit our brain gym where you will find simple and cryptic crosswords, sudoku puzzles and much more. Updated at midnight every day. PS ... We would love to hear your feedback on the section right HERE.

News Wrap

A lunchtime summary of content highlights on the Irish Examiner website. Delivered at 1pm each day.

Sign up

Some of the best bits from direct to your inbox every Monday.

Sign up