TARA Mines last year produced 2.6 million tonnes of ore at its mine in Navan Co Meath. This was marginally below the level in 1994, a Tara spokesman said yesterday. No figures are available for the level of lead zinc concentrates and profit figures have not been released.

However, its Finnish mining and metals parent, Outokumpu, yesterday said its estimated 1995 profit jumped almost 50 per cent despite a weaker stainless steel market, which would stabilise and pick up this year. It said its 1995 profit before extraordinary items and taxes amounted to 1.5 billion Finnish markka (£211 million) up from 1.03 billion markka in 1994.

Tara employs 730 people at the Navan plant. It still has a possible 20-year life, the spokesman said.

Outokumpu's net sales rose slightly to 16.8 billion markka in 1995 from 16.68 billion in 1994, and operating profit rose to 1.55 billion from 1.05 billion.

"The year as a whole proved to be a very good one for Outokumpu, even though the overall result was weakened by some write-downs of assets made at the end of the year," the preliminary statement said.

Outokumpu noted it had made a 160 million markka write-down on its Forrestania nickel mine property in Australia after a reserve estimate early this year showed its proven and probable ore reserves to be about 15 per cent smaller than earlier assessed.

Outokumpu also made a 60 million markka write-down on its 7 per cent stake in Finnish engineering group Tampella to reflect its lower market value. Tampella's stock fell some 60 per cent since January 1995, to around 5.90 markka.

"The weakened stainless steel market also had an impact on the result development. The draw-down of excessive stocks, which began on the market during the autumn, continues and prices have fallen," Outokumpu said.