Minmet, the exploration company, has announced that it now controls 98.5 per cent of the outstanding shares in Connary Minerals and plans to compulsorily acquire the remainder.

The company, which offered to acquire the 34.89 per cent of Connary which it did not already own last July, said it had received valid acceptances from more than 75 per cent of the minority shareholders in Connary. "I am delighted that the acquisition of 100 per cent of Connary is in sight as this will enhance the funding options available to Minmet and will also make the management and administration of Connary's Portuguese operation more efficient," Minmet chairman, Mr Jeremy Metcalfe, said.