Minmet, the exploration company, has announced a reduction in the loss before tax, to £65,862 (€83,627) in 1999 from £876,917 in 1998. "All our projects have made progress during the year, some more dramatically than others," said chairman Mr Jeremy Metcalfe. The improvement in the results is attributed to the lack of provisions and write-offs. The administrative costs are somewhat higher due to the costs of servicing the enhanced shareholder base.