Dublin listed exploration company Minmet has bought out the remaining 50 per cent stake in Swedish mining company Svenska Skifferolje.
The deal wil be funded by a profit-sharing arrangement with the Swedish firm's former shareholders.
Minmet is also applying for an exploration licences in areas called Kvarntrop and Alum Shales in central Sweden.
Preliminary testing has indicated that Alum Shales contains significant amounts of minerals includingAluminium, Uranium, and Nickel.
Additionally, Alum Shales is reported to contain some 660 million barrels of oil equivalents however Sweden's environmental regulations prohibit drilling.
