The AIM-listed exploration group Minco has issued a stark warning about the impact of the current price of zinc on its operations and warned that it may switch its emphasis from mineral exploration to the acquisition of mining assets. "The world zinc industry is in a chaotic state. Prices are at historic lows making it impossible for zinc mining companies to generate cash for future exploration and development," said chairman Dr John Teeling.

He said that budget constraints had led Canadian mining giant Noranda to withdraw from its joint venture with Minco on the Shinrone and Holy Cross blocks in Tipperary although Noranda has retained its interest in Minco's Pallas Green block of 13 licences in Co Limerick.