The Canadian mining group Noranda will earn a 51 per cent interest in three prospecting licences in the midlands held by Arcon International in return for spending a total of £980,000 on exploration. The group will spend £530,000 on exploration in return for 51 per cent of licence 2859 near Kinnity, Co Offaly, which covers part of the Navan-Silvermines corridor and where a hole drilled in 1997 found significant zinc mineralisation.

Noranda will also spend £450,000 on exploration licences 480 and 481 near Ferbane. These licences cover the Ferbane Inlier.