TEAL Exploration & Mining's shareholders agreed to diversified miner African Rainbow Minerals (ARM) and Brazil's Vale forming a joint venture to develop TEAL's assets, the company said on Monday.

ARM and TEAL said in December they had agreed for ARM to buy all the outstanding shares it did not own of TEAL, before forming the 50-50 joint venture with Vale .

Shareholders have overwhelmingly voted in favour of the proposed plan of arrangement, TEAL said in a statement.

TEAL said in the past it expects to complete the deal before the end of March.

TEAL struggled to raise capital, especially as global market conditions deteriorated, forcing ARM to give ongoing financial support, disproportionate to its level of shareholding.

But ARM said it was confident about TEAL's role in expanding its copper interests in Africa.

(Reporting by Agnieszka Flak)

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