Teck agrees $400,000 lead-zinc investment
Canada's largest diversified mining firm, Teck, has agreed to invest $400,000 (€300,000) to help explore a lead-zinc prospect in Limerick.
Teck inked the agreement with the prospect's current owner, UK-based Alba Mineral Exploration.
Under the terms of the deal, Teck will begin investing money next year and pay additional amounts until 2015. It could also eventually hold 75pc of the project.
Alba, which is listed on London's Alternative Investment Market, says it believes the Limerick prospect holds "significant commercial potential".
"The agreement gives Alba exposure to the extensive base-metal exploration expertise of Teck, greatly enhancing our exploration of this project", said the company.
Alba said work to date on the Limerick prospect had yielded data that has made it optimistic that there could be significant deposits of lead and zinc at the site.
The prospect is close to existing lead-zinc operations at Lisheen.
Teck is also involved in another close-by prospect called Stone Park, while mining giant Xstrata is probing a site called Caherconlish at Pallas Green in Limerick.
Xstrata completed the acquisition of the Pallas Green exploration project from Irish firm Minco last month for almost $20m.