Zinc miners at work. Photo: Getty
Mineral exploration firm Group 11 has raised almost €3.6m through a share offering and plans to use it to expand its ongoing drilling programme at its Ballywire lead and zinc prospect in Co Limerick.
Industry giant Glencore, which had owned over 18pc of Group 11 in the past, did not exercise its participation right, which was triggered by the offering, and saw its holding fall to 14.1pc.
Canadian metals investor Michael Gentile has retained his 15.3pc interest in the Irish-focused firm.
The Sunday Independent has previously reported Glencore is said to be considering a sale of its nearby Pallas Green zinc asset, which is close to Ballywire and one of a number of potential prospects in the region under exploration at a time when geopolitics and global trade issues are shaking up markets for minerals and precious metals.
Glencore has carried out exploratory drilling at Pallas Green, which could contain as much as 40 million tonnes of ore, according to previous reports. A Glencore spokesman was previously reported as saying any decision to build a fully-fledged mine at the site was “a long way down the road”.
It did not comment at the time on the speculation that it could sell off the Pallas Green asset but its decision not to partake in the Group 11 share offering was a further sign it had cooled on the mid-west as a long term prospect, said a source.
Group 11, which trades on the Toronto Stock Exchange, has described its own drilling programme at Ballywire as “the most significant mineral discovery in the Republic of Ireland in over a decade”.
It announced the Ballywire discovery in September 2022, demonstrating high grades of zinc, lead, silver, copper and germanium.
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