Date: 4^th October 2001

Minmet plc

Minmet PLC: Interim Results 2001

Minmet plc ("MinMet"), the international mining exploration company, announces Interim Results for the six months ended 30 June 2001.

Commenting, Jeremy Metcalfe, Chairman, said: "During the last five years we have built up a portfolio of considerable potential, some of which is ready for development and production. Our strategy is changing so that we can capitalise on all aspects of our successful mining exploration and discoveries including the actual development of our properties."

Operational Highlights

• Extensive gold interests in Cuiaba Basin, to be developed on own account via launch of open-pit gold mining operations.
• Three significant areas of focus, gold licences near Cuiaba, Western Brazil, diamond licences at Coromandel, central Brazil and gold and silver licences in Portugal.
• Diamond licence area in central Brazil in advanced stage of development and bulk sampling licences awaited.
• Broad portfolio of properties in variety of geographical locations. With exploration targeted on gold, silver, antimony, kaolin, diamonds, platinum group metals, lead, zinc, copper and other polymetallic deposits.
• Exploration expanded to Dominican Republic, Peru, Chile, Argentina and elsewhere in Latin America.
• Gold leaching technology developed.
• Substantial share in a Mining Finance House.
• Discussions with other major mining houses on commercially viable polymetallic deposits.
• Joint venture with Barrick Mineração Limitada progressing rapidly at Mara Rosa, Central Brazil.
• Build up of strong management, geological and technical teams.
• Opportunity to mine Brazil properties at low costs with minimal cap ex start-up costs.
• 300,000 hectares now under control.

Financial Highlights

• Losses before tax for period as expected at IR£88,498 (2000: IR£4,060)
• Strong cash reserves of IR£13.0m (2000: IR£ 11.8m).
• Sufficient cash reserves for all current projects; cash to take advantage of further opportunities.
• Shareholders funds - All equity of IR£28.7m (2000: IR£24.1m).

Regarding the Outlook, Jeremy Metcalfe, Chairman said: "In the current market environment a strong balance sheet is key and MinMet is quite capable of advancing all its current projects for the foreseeable future.

The gold price has recently increased and should continue to strengthen. We are better placed than ever, with a significant cushion of cash available to accelerate the development of Company owned projects and to take advantage of opportunities in the marketplace."

For More Information:

Jeremy Metcalfe	Chairman, Minmet plc	00 44 (0)1303 874798 (UK)
Michael Nolan	CEO, Minmet plc	00 353 1 661 3309 (Eire)
Gordon Riddler	Group Technical Director, Minmet plc	00 44 (0)115 937 6671 (UK)
Emma McCaffrey, Peter Binns	Binns & Co	0044 (0) 207 786 9600 (UK)

CHAIRMAN'S STATEMENT

INTERIM RESULTS FOR SIX MONTHS ENDED 30 JUNE 2001

INTRODUCTION

Recent world events mean that nothing is certain and conventional thought and wisdom are now things of the past - so too with MinMet. Conventional thinking has led us firmly down the path of exploration and discovery. We still continue down this road but increasingly our strategy is changing, so that we can capitalise on all aspects of our successful mineral exploration and discoveries including the actual development of our properties.

MinMet has always been a dynamic Company and now has a broad portfolio of properties in a variety of geographic locations. This diversity has been one of our strengths and has attracted considerable institutional interest and investment leading to our strong treasury position today, which enables us not only to continue to explore our existing targets, but also to take on other projects either on our own or in joint venture with others.

During the last five years we have built up a portfolio of considerable potential, some of which is now ready for development and production. We are engaged in targeted exploration for gold, silver, antimony, kaolin, diamonds, platinum group metals, lead, zinc copper and other polymetallic deposits. We have developed a gold leaching technology. We have a substantial share in a Mining Finance House. Currently, we have over 300,000 hectares under our control, compared with 3 hectares of exploration property only six years ago.

STRATEGIC ALLIANCES

In recent months, we have established a number of strategic alliances, including one with Barrick Corporation and we are in discussion with other major mining houses. As a result, we have widened our exploration net to include the Dominican Republic, Peru, Chile and Argentina as well as some of the smaller Latin America countries.

DISCOVERY GROUP

Our Discovery Group, established last year, has examined well over 100 prospects and opportunities are emerging which will strengthen our portfolio.

CUIABA BASIN

Our work in the Cuiaba Basin has concentrated on proving up a number of major gold deposits. We are currently focusing on one particular area known as the Cangas District. Here, we have discovered extensive occurrences of gold as a result of drilling, bulk sampling, trenching, geophysics, geochemistry and through the use of some cutting edge exploration technology. In the strict sense of "proven mineral reserves" precise grade determinations have not yet been possible due to the extreme coarseness of gold grain size and the consequent nugget effect.

Values determined for gold bearing material from a variety of sample types range from 0.01g/t to over 26g/t. Therefore, it has been decided not to seek any joint venture partners to develop our extensive gold interests in the Cuiaba Basin, Mato Grosso, Brazil; instead, we will launch a substantial open-pit gold mining operation, incorporating the processing of near-by tailings material, on our own account.

Further to our announcement at the AGM on May 10th,where we outlined that our exploration model for the Cuiaba Basin was evolving and that evidence of a Volcanic Massive Sulphide (VMS) deposit was emerging, we have now advanced this aspect of our exploration programme over the last few months. The information we have recently gathered has shown with a much greater certainty that VMS deposits may be present; and whilst we mine the surface and near surface gold we shall continue to amass further evidence for VMS deposits before we sink a number of deep diamond drill holes to establish their presence. In addition, we are continuing our discussions with a number of the Major Mining Houses that have already expressed interest to join us in our quest to establish a commercially viable polymetallic deposit.

COROMANDEL

Diamond exploration on our property at Coromandel has been very successful. We have established by auger drilling on the first of five alluvial flat targets a quantity of approx. 3.5m cubic metres of gravels and therefore it is with some excitement that we await the commencement of our bulk sampling activity. Most of the equipment is on site and final licences to proceed are expected on completion of the final review by the licensing authorities.

PORTUGAL

Shareholders are aware that the rescission of our mining licence in Portugal was overturned by the Supreme Administrative Court. As a result, we have now made a formal application to the licensing authority for the final administrative contract.

Throughout the whole of last year we have been engaged in compensation discussions with the authorities, regarding favourable royalty terms on all of the Company's Portuguese interests, to reflect the considerable damage that our Company has suffered. We are currently seeking a meeting with the newly appointed Secretary of State for Industry and Energy to establish a lasting protocol so that we can, with some confidence, feel able to extend our exploration activities in this mineral rich country as well as continue our exploration of the Valongo/Gondomar region.

MARA ROSA

Our joint venture with Barrick Mineracao Ltda is progressing rapidly. The first results from the airborne survey have confirmed the expected structures with associated potassium anomalies that may reflect the continuity of alteration and associated mineralisation across the licence area and as seen at adjacent mines on the regional structural belt.

Work continues on new satellite photography and soil geochemistry orientation surveys as a precursor to detailed ground surveys, trenching and drilling.

FINANCIAL UPDATE

Losses before tax for the period amounted to IR£88,498 (2000: loss IR£4,060). In arriving at this loss for the period administration expenses of IR£345,199 (2000: IR£275,932) were incurred offset by deposit interest of IR£256,870 (2000: IR£280,036). The Company's cash reserves remain strong with cash balances at the period end of IR£13.0m (2000: IR£11.8m). This cash balance includes the proceeds of IR£4.6m from a share placing with institutions in May 2001.

The Company maintains sufficient cash reserves to advance all current projects. We hold a significant cushion of cash available to take advantage of opportunities offered in the market place and, if appropriate, to accelerate development of Company-owned projects.

MANAGEMENT

I would like to thank my Board and all members of the Group for their hard work, which I am confident will shortly bring the results for which we have all been waiting. Since 1996 we have built up an impressive geological team for a company of MinMet's size. This includes: Gordon Riddler (Group Technical Director), David Carmichael (Cuiaba office) and Tony Gallon (Coromandel office). In Carlos Lins (Deputy Chairman of MinMet and ex-President of Reynolds Metals Brazil), MinMet has an exceptionally well-connected member of the Board. Carlos Lins' legal background and negotiating skills are of great importance to MinMet as they progress towards gold and diamond production in Brazil. Dr Carlos Nascimento (Portugal) has played a key role in securing our position in Portugal. The strategic alliance with Dr Stewart Redwood and David Hall (ex Anglo Gold Brazil geological team) has widened our horizons throughout South America and Latin America.

Finally, I would like to note my sadness at the untimely and tragic death of our fellow director Seamus Maher in May. Although only with MinMet for a short time, Seamus had established himself firmly as a member of the team and his enthusiasm and diligence are sorely missed.

OUTLOOK

Given current world events and economic uncertainties gold prices have risen and could, in my opinion, continue to rise should the international situation deteriorate further.

In Cuiaba, as a result of the nature of the mineralisation, we should be able to produce our gold at a fraction of the cost elsewhere in the world, producing a substantial margin per ounce. Given the projected low cost of production and the large gold targets at our disposal, the Board are convinced that we can establish these projects as profitable operations in the very near future.

We are sufficiently well funded not to have to raise further finance or bank debt, or to seek additional joint venture partners in order to achieve production.

Jeremy Metcalfe
Chairman

4^th October 2001

Consolidated Profit and Loss Account for the six months ended 30 June 2001

	Unaudited 6 mths to 30-Jun-01 IR£	Unaudited 6 mths to 30-Jun-00 IR£	Audited 12 mths to 31-Dec-00 IR£
Operating expenses	(345,199)	(275,932)	(696,701)
Amounts written-off intangibles			(311,074)
Operating loss	(345,199)	(275,932)	(1,007,775)
Profit on disposal of subsidiary			286,091
Interest receivable and similar income	256,870	280,036	627,819
Interest payable and similar charges	(169)	(44)
Profit (Loss) on ordinary activities before taxation	(88,498)	4,060	(93,865)
Tax on profit (loss) on ordinary activities	-	-	-
Profit (loss) on ordinary activities after taxation	(88,498)	4,060	(93,865)
Minority interest	-	-	96,681
PROFIT / (LOSS) ATTRIBUTABLE TO THE SHAREHOLDERS	(88,498)	4,060	2,816
(Loss) Profit per ordinary share	(0.02)p	0.00p	0.00p
(Loss) Profit attributable to shareholders of MinMet plc	(88,498)	4,060	2,816
Unrealised (loss) on investments	(183,477)	-	-
Unrealised exchange rate gains	7,376	89,277	292,592
Profit and Loss account minority interest on disposal	-	-	10,951
Total recognised (Loss) Profit for period	(264,599)	93,337	306,359

Consolidated Balance Sheet as at 30 June 2001

	Unaudited 6 mths to 30-Jun-01 IR£	Unaudited 6 mths to 30-Jun-00 IR£	Audited 12 mths to 31-Dec-00 IR£
FIXED ASSETS
Intangible Assets	14,720,726	12,373,577	13,388,481
Tangible Assets	387,359	221,474	403,813
Financial Assets	973,518	6,009	828,997
	16,081,603	12,601,060	14,621,291
CURRENT ASSETS
Debtors	218,505	95,298	152,450
Cash at Bank and in Hand	13,008,842	11,799,766	9,859,423
	13,227,347	11,895,064	10,011,873
CREDITORS: (Amounts falling due within one year)	(605,505)	(378,539)	(407,519)
NET CURRENT ASSETS	12,621,842	11,516,525	9,604,354
TOTAL ASSETS LESS CURRENT LIABILITIES	28,703,445	24,117,585	24,225,645
CAPITAL AND RESERVES
Called-up share capital	4,946,479	4,704,133	4,704,133
Share premium account	26,263,812	21,763,759	21,763,759
Profit and loss account	(2,506,846)	(2,455,269)	(2,242,247)
SHAREHOLDERS' FUNDS - MINMET	28,703,445	24,012,623	24,225,645
Minority interests	-	104,962	-
SHAREHOLDERS' FUNDS - ALL EQUITY	28,703,445	24,117,585	24,225,645

Notes:

1. This Interim Report for the six months ended 30 June 2001 is unaudited and was approved by the directors on 1 October 2001. The financial information set out does not constitute statutory accounts within the meaning of section 149 of the Companies Act 1963. The information as at 31 December 2000 has been extracted from the statutory accounts relating to the year ended 31 December 2000, which has been filed with the Companies Registration Office.
2. No dividends were proposed or paid in the 6 months ended 30 June 2001.
3. The accounting policies remain as stated in the Annual Report for the year ended 31 December 2000.
4. Copies of this Interim Report are available to the public free of charge at 10 Fitzwilliam Square, Dublin 2 during normal office hours. A copy will also be posted on MinMet plc's web site at www.minmet.ie.