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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (17623)	4/14/2008 9:04:08 AM
From: LoneClone	Read Replies (1) of 193970

Teal in Zambian Venture By Charlotte Mathews 11 Apr 2008 at 11:02 AM GMT-04:00 resourceinvestor.com JOHANNESBURG (Business Day) -- Global copper producer Antofagasta [LSE:ANTO] had taken its first step into Zambia with a joint venture agreement with JSE- and TSX-listed Teal Exploration & Mining [TSX:TL; JSE:TEL] to explore two properties, Teal said on Wednesday. Teal investor relations vice-president Julian Gwillim said it was a coup to get Antofagasta as a partner. Apart from First Quantum, which grew into a sizable company with its operations on the Zambian Copper Belt, Antofagasta would be the first big global producer to take a position on the Copper Belt. Teal probably had one of Zambia’s largest exploration areas, making it a natural partner for Antofagasta. Although most of Antofagasta’s copper mining is concentrated in Chile, where it operates three mines, its exploration activities extend from Chile, Ecuador and Colombia in South America to Pakistan in the east. This is its first venture into Africa. Its Colombian joint venture is with AngloGold Ashanti on a 30,000-kilometre area said to have gold and copper deposits. Antofagasta will pay $5 million to acquire an initial 30% interest in two areas on which Teal holds the exploration licence, covering about 2,000 square kilometres near operating copper mines. It will spend another $4.5 million to acquire an additional 20% interest. The two properties are next to properties on which Teal holds mining licences: its Mwambishi Copper Project and its Konkola North Copper Project. Teal’s previous partner in the licence areas was Korea Zinc Company, which decided to withdraw after a change in management and strategy. Teal will pay $4 million over three years to buy out Korea Zinc’s 30% interest.

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