Dublin quoted mining company Minmet narrowed losses in the first six months of the year and said conditions were improving for gold mining.
The company reported a loss of $1 million in the first six months of the year compared to a loss of $16.4 million last year.
Minmet's chairman, Mr Rolf Nordstrom, said a rally has emerged in the gold market and Minmet is in a strong position to avail of the brighter opportunities as 2004 approaches.
This rally, together with the recent appreciation of the US dollar against the Swedish Krona, which is still outside the euro zone, is beneficial to Minmet.
Minmet, now positioning itself as a European-based gold producer, recently sold its interest in Peru and closed its project in Honduras.
Earlier this month, it announced risk-sharing arrangements in the Dominican Republic, Brazil and Sweden.