Banks eye Terramin October 27, 2009 12:30amhttp://www.news.com.au/adelaidenow/story/0,22606,26265808-5003680,00.html
..ALGERIAN and European banks have expressed "strong interest" in Terramin Australia's Algerian zinc mining project, the company said yesterday.
In its quarterly report, the Adelaide company said with the feasibility study for the Tala Hamza zinc project in its final stages, the company was in discussions with banks to clarify potential financing terms.
Executive chairman Kevin Moriarty said he believed locking in a financier for the project would lead to a rerating of Terramin's share price, which didn't even adequately factor in the performance of the company's relatively modest Angas zinc mine in the Adelaide Hills.
"It is clear that Angas's performance is not reflected in the share price when compared to peers on a conservative (earnings) basis and certainly does not reflect value for the major new Tala Hamza mine,'' Dr Moriarty said.
"Many institutions and analysts have confirmed these comments after presentations I have given in Asia, Australia and London recently.
I believe we can expect the identification of bank financing for Tala Hamza will lead to a rerating.'' Terramin shares closed 7c higher at 97c yesterday.
TZN Price at posting:
91.2¢ Sentiment: LT Buy Disclosure: Held
