Terramin Australia (TZN)
Shares in the base metal production company have been languishing this year, as investors have been concerned about the company’s exposure to growing political unrest in Algeria, where it is developing a zinc project
Shares in the base metal production company have been languishing this year, as investors have been concerned about its exposure to growing political unrest in Algeria, where it is developing a zinc project. Shares have declined 26.04 per since January, 11.25 per cent in March alone, and are trading close to a two-year low. Terramin ’s management tried to appease nervous investors on Wednesday, releasing a statement to say political events in North Africa have not affected the operations of its subsidiary, Western Mediterranean Zinc, which is developing the $589 million Tala Hamza zinc project in Algeria. Shares gained 4.41 per cent following the news. The company is also planning an aggressive exploration program on Terramin’s 100 per cent-owned South Australian projects, the Angas Zinc Mine and Menninnie Zinc Project, to be funded by the $50 million subscription agreement with China Non-Ferrous Metals Industry’s Foreign Engineering and Construction Co.
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