History

162 Clontarf Road can rightly be considered as the cradle of Irish mining and oil exploration. It was built in the late 1960s to house the headquarters of Tynan, Tara and Gortdrum - three large zinc discoveries, all part of the Pat Hughes group of companies.

In the early 1980s John Teeling, who had worked in 162 since it opened, began to form junior explorers. Since then, over 30 companies have been created in gold, diamonds, oil, gas and zinc. These explore in countries as diverse as Boliva, Botswana, Iran and Ireland. The initial capital is raised from friends and family. If the early prospecting shows promise then outside shareholders are brought in and a stock exchange listing obtained.  In the earlier years listings were on the junior markets in London but since 1995 the principal exchange is the Alternative Investment Market (AIM) in London. Currently four listed companies are managed from 162, these include Botswana Diamonds, Clontarf Energy, Connemara Mining and Petrel Resources. Swala Resources, soon to be named Concordia and listed in Toronto, was controlled out of 162 but is now managed from Brussels.

The group has seen some notable successes; including its involvement in the creation of Kenmare Resources (current market cap $1.4bn) and Mwana Africa (market cap $150m). More recently the group returned $100m to its shareholders through the sale of African Diamonds to Lucara (part of the Lundin Group) and $31 m from the sale of Pan Andean Resources to Petrominerales.

 

162 Clontarf Road, Dublin 3, Ireland
Ph: +353 1 833 2833
info@162group.com
Powered by TMG