MINING company Arcon reported a return to profitability yesterday — the same day it recommended a takeover approach to shareholders.

Mineral exploration company Arcon has announced profits of €1.4m for 2004, compared to a loss of €9.7m in 2003.

THE cloister-type existence of the ordinary shareholder, who has to depend on divine inspiration rather than raw data for investment insights, manifested itself again this week in the Arcon affair.

TONY O'REILLY is to sell off mining company Arcon for a discount price of e48 million and a 14% stake in the Lundin Mining Corporation listed on the Toronto and Stockholm stock exchanges.

The ISEQ slipped 2.33c to close today at 6,2575.95, on another tough day for pharmaceutical giant Elan.

The ISEQ fell slightly in morning trade, by 1.44 points to 6276.84 on a busy news morning on the index.

Exploration and mining group Arcon said today that agreement has been reached in principle on the terms of a merger with Lundin Mining.

SHARES in Conroy Diamonds and Gold rose 44% yesterday after the exploration company announced a possible gold find at its operation in Cavan.

Arcon International Resources chief executive Peter Kidney has been granted options to buy 125,000 shares in the mineral exploration company.

Mining company Arcon, which owns the Galmoy zinc and lead mine in Co Kilkenny, has announced pre-tax profits of €1 million for the first half of the year, after a loss of almost €5m in the same period last year.

The ISEQ index closed the day in negative territory today, slipping 5.56 to close at 5,626.92.

The ISEQ index of Irish shares was up 6.82 to 5639.3 in trading this morning.

ISEQ-listed mining and mineral exploration company Arcon has announced a turnaround of last year's losses. The company made a net profit of €1m in the first half of this year, compared with a €4.9m loss in 2003.

PROVIDENCE Resources is to start drilling in its Blackrock prospect off the Cork coast as soon as the drill arrives from Holland.

Arcon updated shareholders on current developments at the Company's annual general meeting in Dublin today.

The board of ARCON International Resources Plc has appointed Peter Kidney as chief executive designate to replace Kevin Ross, who is stepping down as CEO in August to take up a similar position overseas. He will remain on the ARCON board as a non-executive director.

The Board of Arcon has announced Peter Kidney will be the group's new chief executive.

PUBLICLY-QUOTED exploration company Providence Resources will raise up to €18 million after getting approval from shareholders for a new fundraising round yesterday.

Mining company Arcon has withdrawn protective notices issued to 200 staff last week after SIPTU lifted its overtime ban at the Galmoy, Co Kilkenny plant.

SIPTU agreed to suspend its ban on overtime working in return for the withdrawal of protective notices at the Arcan zinc mine in Kilkenny.

Mining and exploration company Arcon has put 200 workers at its zinc mine in Co Kilkenny on protective notice following disagreements in pay talks between management and unions.

There was plenty of activity on the Irish stock exchange today with movement among mineral shares.

Two hundred workers at zinc producer Arcon are in danger of losing their jobs after pay talks between management and unions broke down.

ARCON INTERNATIONAL’S retained losses broke the €100 million barrier after the company reported a €5 million loss for the first six months of the year yesterday.

Greencore shares remained static at €2.84 today after the announcement that it will meet with stockbroker analysts before entering its close period for the year ended 26 September 2003.

ARCON’S streak of loss making results continues with the zinc mining company reporting pre-tax losses of €14.65 million for 2002 bringing accumulated losses to €94.5m.

Arcon International Resources PLC announced the third set of outstanding results from the exploration drilling programme within the mining area of its Galmoy zinc mine in Ireland.

THE 200 people employed at the Sir Tony O’Reilly owned Arcon zinc/lead mine in Killkenny will have to wait until zinc prices rise before they can get a pay rise it emerged yesterday.