Connemara gets investment from former head of metals firm

Connemara Mining, the Irish zinc and gold explorer, has seen the former chief executive of Metal Tiger, a London-listed investment firm that targets "undervalued natural resource opportunities", build up a 9.4 per cent stake over the past two years.

The latest stake of Paul Johnson and his wife, Michelle, was disclosed by Connemara, which has a market value of £1.4 million (€1.6 million), in a London Stock Exchange filing on Monday.

Disclosed

Mr Johnson, who stepped down as Metal Tiger CEO last October, disclosed in September 2015 that he had build up a 3.05 per cent stake in Connemara, bringing him marginally over the 3 per cent level at which his investment had to be disclosed. Subsequently, Metal Tiger invested in the company in May 2016 in a company decision from which Mr Johnson excused himself.

Tiger Metal said in January it no longer had a stake that needed to be disclosed. However, Mr Johnson has continued to add to his position since then in Connemara, led by chairman John Teeling, which currently holds 35 prospecting licences throughout Ireland.