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.

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.”