Minco, the metal and gold exploration company, is continuing with merger discussions that could transform it into a technology company. It said it was planning a change of direction because the investment community had no interest in its current business and Irish bureaucracy made it hard for mining companies to make viable gold discoveries.

The company earlier this year announced its intention to transform itself into a technology company.

Minco also announced results for the year ended April 30th 2000.

These showed a rise in the loss before tax from £43,095 (€54,719) to £81,802. The diluted loss per share rose from 0.13p to 0.25p.