Irish mining group Minmet posted a €17 million operating deficit last year, after a far-reaching programme of restructuring that saw it jettison several loss-making operations.

The company has pulled out of projects in Portugal and is looking for a buyer for several interests in Brazil.

But it has reported a positive performance at the Bjorkdal gold mine in Sweden, which it 50 per cent owns.

Cash reserves remained buoyant at €7.9 million, said chief executive Mr Michael Nolan.

"During the year we have concentrated on restructuring and refocusing the business," he said.

"A number of underperforming projects were rationalised. Subsequently, the company adopted a new strategy to target production opportunities that generate positive cash flow."

Having secured the option to purchase the remaining 50 per cent of Bjorkdal, the company had high hopes for its Scandinavia operations, Mr Nolan said.

The company has also signed a memorandum of understanding with TeckCominco to fund further exploration of the Sungem zinc project in Brazil.

However, the company has scaled down loss-making activities in other parts of that country.

"We are now building a platform for the future and believe we have the strategy, team and projects in place to deliver shareholder value," said Mr Nolan.