The new company, to be named

TEAL Exploration & Mining Inc, would include four copper and gold projects in Congo, Namibia and Zambia.

“Our spending plan for developing our projects has a budget of about US$37 million, that is our target for fund raising,” Rick Menell, who will be chief executive of the new ARM unit, told Reuters. “We’ll spinning off approximately one third and keeping about two thirds, it will vary depending on the market response to our offering.”A secondary listing in Johannesburg is planned for TEAL following the IPO.Final pricing of the IPO was expected in late October, a statement said.Proceeds of the listing would fund the development of four projects and more exploration.Two projects are in Zambia and one each are in DRC and Namibia.ARM has interests in ferrous metals like iron ore and ferrochrome and precious metals like gold and platinum.The Mwambasi Copper project in Zambia, in which TEAL would have a 70 per cent interest, is the one that could start production the earliest, Menell said.The project, for which a feasibility study is due to be completed in six months, has an indicated resource of 8,6 million tonnes at 2,43 per cent copper and 0,07 per cent cobalt.”It could happen fairly quickly after that, because it’s a project with an open-pittable mining resource, and we would probably seek to use other people’s facilities for the processing of that ore…We’d hope to be in production within 18 months.”The other projects are the Konkola North Copper project in Zambia, the Otjikoto Gold Project in Namibia and the Kalumines Copper-Cobalt project in the DRC.-Nampa-Reuters”We’ll spinning off approximately one third and keeping about two thirds, it will vary depending on the market response to our offering.”A secondary listing in Johannesburg is planned for TEAL following the IPO.Final pricing of the IPO was expected in late October, a statement said.Proceeds of the listing would fund the development of four projects and more exploration.Two projects are in Zambia and one each are in DRC and Namibia.ARM has interests in ferrous metals like iron ore and ferrochrome and precious metals like gold and platinum.The Mwambasi Copper project in Zambia, in which TEAL would have a 70 per cent interest, is the one that could start production the earliest, Menell said.The project, for which a feasibility study is due to be completed in six months, has an indicated resource of 8,6 million tonnes at 2,43 per cent copper and 0,07 per cent cobalt.”It could happen fairly quickly after that, because it’s a project with an open-pittable mining resource, and we would probably seek to use other people’s facilities for the processing of that ore…We’d hope to be in production within 18 months.”The other projects are the Konkola North Copper project in Zambia, the Otjikoto Gold Project in Namibia and the Kalumines Copper-Cobalt project in the DRC.-Nampa-Reuters