Exploration company Minco, with partner company Ennex International, has entered into an agreement with Amcorp Ireland on five prospecting licences on the Moate zinc/lead exploration property in Westmeath and Offaly.

Under the agreement, Amcorp has the right to earn a 60 per cent interest in the licences by spending $2 million (€2.3 million) over five years, with a minimum of of $60,000 to be spent in the first six months.

Amcorp will have the option to earn an additional 15 per cent interest in the joint venture by spending an extra $500,000 within one further year, Minco said.

Amcorp Ireland is a member of the Anglo American Group, which is the operator of the Lisheen zinc mine in Tipperary.