Minmet slashes losses

Mining group Minmet has announced post-tax losses for the year to the end of December 2005 of $2.1m (€1.6m), slashing the figure from the year before of $11.3m (€8.8m).

The company said today that it recorded second half profits after tax of $940,000 (€732,000), helped by higher gold prices benefiting its Bjorkdal gold mine, as well as cost rationalisation measures introduced there in March last year.

Minmet chairman Mike Neville said: "We have achieved a significant turnaround at Minmet since June 2005." He added the company was poised to take advantage of opportunities "both inside and outside the natural resource sector".

Minmet secured AIM admission in December 2005, IEX Admission in April 2005. An OTC listing on the Norwegian Stock Exchange scheduled to become effective by end of May this year.