A CONSORTIUM of investors, led by an investment banker, Mr Peter Earl, may acquire 16.7 per cent of, Minmet, the small exploration company.

It has already purchased five million Minmet shares, representing 2.88 per cent of the equity, from Mr Paul Bristol, the former chairman.

The consortium also has an option to buy a further 24 million shares, representing 13.82 per cent of the equity, from Mr Bristol.

The purchase prices of the shares and the option have not been disclosed. However, the 29 million shares have a market value of some £300,000. The exercise of the option will bring Mr Bristol's holding down to below 5 per cent.

Mr Earl, who is a consultant to Fieldstone Private Capital Group, a specialist project finance company, has joined the Minmet board as director responsible for corporate development and will be given the specific charge of arranging project finance for the company's interests in Russia at Darasun.

Minmet has joint venture agreements with the Moscow Geological Institute and two Russian companies to process 1.18 million ounces of gold tailings and upgrade the trans Balkalian metals refining project in Siberia.

Under the agreements, it has rights to 49 per cent of the gold extracted at Darasun, together with other rights to reserves. Mr Earl has told the Minmet board that the projects may be eligible for multi lateral aid.

Minmet said it had asked Mr Earl to expand the company into gold and mineral production in Bolivia.