Something like this, assuming dateTime is typed by the schema as xs:dateTime:
(dateTime - xs:dateTime(xs:date(dateTime))) div xs:dayTimeDuration('PT1M')
If it's not schema-aware, do xs:dateTime(dateTime) to convert the untyped value to a dateTime first.
Michael Kay
http://www.saxonica.com/
Author, XSLT 2.0 and XPath 2.0 Programmer's Reference