Welcome To The Inspiration Mining HUB On AGORACOM
The company is exploring for nickel deposits on its Langmuir property near Timmins, Ontario; for nickel-gold-copper on its Cleaver and Douglas properties; and for molybdenum and rare earth elements at recently acquired Desrosiers property.
Message: Shakers and Movers.....mining
I got one of my trading alerts ( as usual) it shows me the actives and the gainers sort of thing on the exchange.
I see there's a company called TEAL Exploration... ticker TL.TO and it was a decent %gainer in this last week. The things I wanted to point out were that they were barely managing and were basically on their last breaths and along comes Vale to offer up a pretty nice deal. Boom off they go......
http://www.bloomberg.com/apps/news?p...
So it can happen, lets hope we are truly on someone's RADAR!!
Vale Forms Copper Venture With African Rainbow to Buy Out Teal
By Brett Foley
Dec. 16 (Bloomberg) -- Cia. Vale do Rio Doce, the world’s second-largest nickel producer, formed a joint venture with African Rainbow Minerals Ltd. to develop copper and cobalt deposits in Central Africa.
Vale will provide funding for African Rainbow to buy the shares it doesn’t already own in Teal Exploration & Mining Inc., Toronto-based Teal said today in a statement. African Rainbow owns 65 percent of Teal, which holds deposits in Zambia and the Democratic Republic of Congo.
Rio de Janeiro-based Vale and African Rainbow will form a 50:50 joint venture “for the future development and operation of Teal’s assets” in Zambia and the DRC as well as gold exploration in Namibia, Teal said.
The companies will pay C$3 ($2.43) for each Teal share, more than four times yesterday’s closing price of 70 Canadian cents.
Teal aims to increase annual copper output to 65,000 metric tons by 2012 from an estimated 8,500 tons this year, the company forecast in February.
Zambia is Africa’s biggest copper-producing nation.
To contact the reporter on this story: Brett Foley in London at bfoley8@bloomberg.net
Last Updated: December 16, 2008 04:05 EST
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