Ivernia West is now the largest prospecting licence holder in Ireland, controlling 48 permits either alone or in joint ventures, shareholders heard at the company's annual general meeting yesterday. Ivernia said the Lisheen mine owned jointly with Minorco was still on schedule to start producing lead by September, 1999.

Reporting on the company's activities for the year to the end of December 1997, the company's chairman, Mr Clayton Love Jnr, said significant progress had been made in the development of Lisheen.

This included the completion of the regulatory process, the commencement of the mine access decline, the completion of the $173 million (£121 million) banking syndication for the debt funding of the project and the finalisation of framework contracts.