NEW: TEAL to own Congo propeties
New gold and copper giant to list in 4 weeks
South African miner African Rainbow Minerals (ARM) recently formed a new company, TEAL Exploration & Mining (TEAL), into which ARM's non-South African exploration portfolio will be injected.
This portfolio comprises mainly copper, cobalt and gold in Zambia, the DRC and Namibia.
The intention is for TEAL to complete an initial public offering in Canada and list on the Toronto Stock Exchange (TSX), which should be completed in the next three to four weeks.
The company's portfolio will include four advanced projects in Zambia, Namibia and the Democratic Republic of Congo.
Two of its mines, copper mine Konkola North and copper-cobalt mine Kalumines should be in production in the third quarter of 2007, while the remaining two - Mwambashi copper and Otjikoto gold a year later.
Defined resources are at 15,7-billion pounds of copper and 873 000 oz gold.
ARM has already invested some $30-million into Teal's assets since the early 1990s and the new firm is to look at a treasury offering, targeting $45-million for development and exploration.
Its management team comprises president and CEO Rick Menell, VP and head of exploration and business development Claus Schlegel, VP and head of project development Arné Lewis and CFO Jarrad Niehaus.
ARM will not be selling any of its shares pursuant to the initial public offering and will not realise any proceeds.
AI
