Pre-tax losses at Minmet, the mineral exploration company, fell to £43,122 (€54,753) in the six months to June 30th, down from £500,894 in the same period last year. Company chairman Mr Jeremy P Metcalfe said the fall was due to the absence of provisions on investments and the absence of a write-down of intangible assets. Operating expenses were also lower, down to £63,138 from £77,400 in the first half last year, helped by currency gains on the strength of sterling.

Minmet's share price was unchanged at €0.19 in Dublin yesterday.