SHARES in Minmet Plc, the Dublin-based natural resources company, plunged 16% after saying it will cease pit mining at a site in northern Sweden.

Gold mining company Minmet plc has raised over US$1.5 million (€1.2 million) from a share placing with institutional and private investors in London and Dublin.

Mineral exploration company Minmet recorded a pre-tax loss of $1.7 million (€1.4m) in the six months to June. The company made a loss of $0.9m in the same period last year.

ISEQ-listed exploration and mining company Minmet has announced a 31% increase in the estimate of gold reserves at its Bjorkdal mine in northern Sweden.