Exploration company Minco had lost €115,181, or 33 cents a share, in the year to April 30th last, it said yesterday. The company's performance was weaker than in 2002, when it lost €106,748 or 30 cents a share.

Figures released yesterday showed net assets dipped slightly from €2.8 million in 2002 to €2.7 million this year. Cash outflow was up from €133,659 in 2002 to €159,586 this year.

Minco said historically low zinc prices were making it increasingly difficult to attract joint-venture partners. The company has 33 zinc exploration licences and six gold licences, held mainly for Irish-based projects.

"In recent years, companies such as Rio Algom, Anglo American, BHP-Billiton and Noranda have joint-ventured with us on our Irish licences," it said. "As metal prices have declined, cash flow for exploration has dried up and our partners have withdrawn."

The company said it had mixed results from exploratory drilling in its principal interest, the Pallasgreen zinc deposit in Co Limerick. During the year, Ennex decided to leave mineral exploration in Ireland, and assigned its interests in the Moate and Shinrone blocks to Minco, making it the sole owner of these licences.