Exploration firm Connemara Mining has blamed poor demand for its London-listed stock on a buyers' strike.

In an interim statement, chairman John Teeling said the company was continuing to examine, select and apply for exploration acreage in Ireland.

“This despite a private buyers’ strike on the AIM Market for junior exploration companies,” he said.

Funding was being made “very difficult” even at very low prices, Mr Teeling said.

“One has to believe that investors at current prices will do very well when the cycle turns and explorers, once again, become fashionable.”

Perhaps to remind potential investors what they missing out on, Mr Teeling said: “A low share price, a reasonable balance sheet, good projects and an AIM listing underpin the investment case for shareholders in Connemara.”

By definition, a buyers’ strike occurs when a large number of buyers stop purchasing in order to drive down the price.

It remains to be seen if there is such a concerted effort to drive down the share price of AIM-listed companies like Connemara.

Nonetheless, Mr Teeling’s explanation for the company’s funding difficulties must rank as one of the more unique.

The firm reported a loss of €140,000 for the six month until to the end of June compared to a loss of €190,000 for the equivalent period last year.

“We continue to review other opportunities as they become available. Recent proposals have not been pursued for differing reasons. Connemara will raise fresh funds to cover overhead and essential working capital to keep the company operating,” it said.