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FLUORSPAR 2018: Is China now a net importer of fluorspar? – Tertiary Minerals #TYM

The tightness in the fluorspar market that has been experienced by producers globally and by consumers outside China so far this year meant that the country’s imports and exports of the commodity were a key topic of discussion at Fastmarkets IM’s fluorspar conference.

Diminished supplies of fluorspar in the Chinese market, at a time when the country’s end-markets have remained strong, has led market participants to wonder whether China is now a net importer of the material, according to delegates at Fastmarkets’ annual fluorspar conference.

Link here for the full article

 

Tertiary Minerals #TYM – Total Voting Rights

Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector announces that in accordance with Financial Conduct Authority’s Disclosure and Transparency Rules (“DTR”), the total issued share capital of the Company with voting rights is 359,323,754 ordinary shares.

The above figure of 359,323,754 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the DTR.

 Enquiries

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman 

Richard Clemmey, Managing Director

 

 

 

 

 

+44 (0)1625 838 679           

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Ewan Leggat /Lindsay Mair

 

 

+44 (0) 20 3470 0470

Notes to Editors

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada USA (MB Project).

Tertiary Minerals #TYM – Director Dealing, Issue of Equity & Total Voting Rights

Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector announces that pursuant to terms agreed on 30 April 2014 and further to the RNS dated 20 August 2014, a non-executive director of the Company will be receiving a portion of his annual fees in  ordinary shares of 0.01 penny each in the Company, on a six-monthly ongoing basis calculated with reference to the closing mid-market price on the trading day prior to the issue of the Ordinary Shares.

On 17 August 2018, the Company resolved to issue a total of 217,597 Ordinary Shares to Donald McAlister for the six month period ended 30 June 2018. 

These Ordinary Shares were issued at a price of 0.625 pence per share, being the closing mid-market price on 16 August 2018.

The following table shows the number of Ordinary Shares issued to Donald McAlister together with his total holdings following the issue of the Ordinary Shares: 

Director

Number of Ordinary Shares issued

Price of Ordinary Shares issued

Interest in total number of Ordinary Shares following Admission

% of Company’s issued share capital following Admission

Donald McAlister

217,597

0.625 pence

876,765

0.24%

 

Application has been made to the London Stock Exchange for 217,597 Ordinary Shares to be admitted to trading on AIM (“Admission”), and it is expected that Admission will occur on or around 24 August 2018.

Total Voting Rights

In accordance with Financial Conduct Authority’s Disclosure and Transparency Rules (“DTRs”), following the issue and Admission, the total issued share capital of the Company with voting rights will be 359,323,754 ordinary shares.

The above figure of 359,323,754 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the DTRs.

Market Abuse Regulation 

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on the issue of ordinary shares to a director.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM.

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name: 

Donald McAlister

2.     

Reason for the notification

a)

Position/status:

Non-Executive Director

b)

Initial notification/Amendment:

Initial notification

3.     

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Tertiary Minerals plc

b)

LEI:   

213800OT9C6DQN9VO543

4.     

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Ordinary shares of 0.01p each

 
GB0008854563

b)

Nature of the transaction:

Issue of new ordinary shares in lieu of  fees

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

0.625 pence

217,597

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.625 pence

217,597

 

e)

Date of the transaction:

17 August 2018

14:30 UTC

f)

Place of the transaction:

Outside a trading venue

 

 

Enquiries

 

Tertiary Minerals plc

Patrick Cheetham, Executive Chairman

Richard Clemmey, Managing Director

 

 

 

+44 (0)1625 838 679           

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Ewan Leggat /Lindsay Mair

+44 (0) 20 3470 0470

 

Notes to Editors 

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada USA (MB Project).

Brand CEO Alan Green talks Tertiary Minerals #TYM, Andalas Energy #ADL, Northern Bear #NTBR & ECR Minerals #ECR on Vox Markets podcast

Brand CEO Alan Green discusses Tertiary Minerals #TYM, Andalas Energy & Power #ADL, Northern Bear #NTBR and ECR Minerals #ECR. The interview begins after 8 minutes.

Tertiary Minerals #TYM – Storuman Project Mine Permit Update

Further to detailed information provided in the RNS dated 17 April 2018, Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, now provides an update on the Exploitation (Mine) Permit re-assessment for the Company’s Storuman Fluorspar Project in Sweden.

Summary:

  • The Swedish Mining Inspectorate (“Mining Inspectorate”) has now received the opinion of The County Administrative Board of Västerbotten (“CAB”) in response to the recent supplementary reports submitted by the Company in connection with its application for a Mine Permit.

Key comments:

Ø Natura 2000 area: The CAB is satisfied with the supplementary in-depth analysis and has concluded that a supplementary Natura 2000 permit is not required.

Ø Tailings Storage Facility (“TSF”): The CAB is not satisfied that the mitigation measures proposed by the Company enable the co-existence of reindeer husbandry and the TSF operation. The CAB has expressed the view that the proposed TSF location should be protected to secure reindeer husbandry.

Ø The CAB has therefore advised against grant of the Mine Permit in its current form.

  • The Company has now been asked to provide comments regarding the CAB’s opinion back to the Mining Inspectorate.

Commenting today, Managing Director, Richard Clemmey said: “I am pleased that the CAB has accepted that we do not require an additional Natura 2000 permit, which would be a costly and time consuming process. It is however disappointing that the CAB has not accepted the extensive mitigation measures proposed for the TSF location. Whilst we, our Swedish consultants and our lawyers remain of the strong opinion that the mitigation measures proposed are more than adequate to enable the co-existence of reindeer husbandry and the TSF operation, we, together with our consultants and lawyers, now need to review the CAB’s response in full and decide on the best course of action in order to overcome this hurdle”.

 

Enquiries

Tertiary Minerals plc

Richard Clemmey, Managing Director

Patrick Cheetham, Executive Chairman

+44 (0) 1625 838 679

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

Ewan Leggat/Lindsay Mair

+44 (0) 20 3470 0470

Background Information – Storuman Mine Permit

The Company submitted its Exploitation (Mine) Permit application in July 2014 to the Swedish Mining Inspectorate and following an extensive consultation process the 25-year Exploitation (Mine) Permit was granted on 18 February 2016.

However, as a consequence of the Supreme Court’s decision to overturn the grant of a third-party mining company’s Mine Permit in the south of Sweden (Norra Karr Mine Permit – rare earth element project, owned by Leading Edge Minerals) the government returned the Storuman Mine Permit case, along with many other cases, back to the Swedish Mining Inspectorate for re-assessment in December 2016. The re-assessment is intended to consider the impact of mining in the concession area on a wider surrounding area. Earlier in 2017 the Swedish Mining Inspectorate requested additional information from the Company relating to the original Environmental Impact Assessment (EIA) and the wider area. The Company provided the additional information to the Swedish Mining Inspectorate in the form of an updated EIA in May 2017. The additional information was accepted by the Mining Inspectorate which subsequently invited all stakeholders to provide comments on the application and additional information, the deadline for responses was 27 October 2017.

In response to stakeholder responses the Swedish Mining Inspectorate requested further detail from the Company in relation to the impact of proposed operations on the Natura 2000 and reindeer herding within the wider surrounding area and were granted a deadline of 16 April 2018 to respond. Given that the level of detail required for the wider area has changed in response to the new case law, the Company engaged with its Swedish legal advisors, the Swedish Mining Inspectorate and The County Administrative Board of Västerbotten to establish the requirements prior to the work being executed and submitted.

The supplementary reports and legal statement were submitted to the Mining Inspectorate on 16 April 2018. Any ratification of the grant of the mining concession will, however, be open to appeal and the Company will therefore not spend any further money on exploration or development of the Storuman Project until the matter is resolved.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Notes to Editors

Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada, USA (MB Project).

 

CAUTIONARY NOTICE

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company’s proposed strategy, plans and objectives or to the expectations or intentions of the Company’s directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

Industrial Minerals: European acidspar market tightness pushes buyers to China; prices firm there – Tertiary Minerals #TYM

Article and tables by Michael Greenfield, Industrial Minerals 

Acidspar consumers in Europe have struggled to secure quality material consistently and in timely fashion because Chinese consumers are paying more than their European counterparts.

Acidspar availability in Europe is tight because producers are looking to sell to consumers in China where they can achieve higher prices.

The tightness in the European market is forcing consumers to enter the Chinese market to source material, putting upward pressure on acid grade fluorspar prices in China.

“No large volumes are being seen on the market [in Europe] – it can be done but with difficulty. There is no stock available. There is a premium on consistency and timely deliveries,” one trader said. “Flows of material are irregular and it has become a hand-to-mouth market.”

Industrial Minerals assessed the price of acidspar, 97% CaF2, wet filtercake, fob China at $450-530 per tonne on June 21, unchanged for a third consecutive week. At the start of 2018, the price was $400-420 per tonne.

Industrial Minerals does not price acidspar sold into China on a cif basis but understands the price to be $450-500 per tonne, according to a source selling material to Chinese consumers.

European prices have yet to react to the tightness and the choppier trading conditions, however. Industrial Minerals assessed the price in Europe for acidspar, 97% CaF2, wet filtercake, cif Rotterdam at $370-390 per tonne on February 15, where it has since held firm.

“All the material available on the spot market has gone to China,” a second trader said.

He claimed to have received inquiries from a major European acidspar user that had not previously approached him, highlighting the fact that even major buyers are scrambling to secure material.

“Asia is paying better [than Europe] and any producer with material is supplying them,” a producer confirmed.

Link here to read article on IndMin website

Industrial Minerals: Strong fluorspar pricing to continue into 2019 – producers

Article by Michael Greenfield, Industrial Minerals 

Tight supply and strong demand has given fluorspar producers confidence that strong prices will continue into 2019.

Restricted fluorspar supply from China has pushed prices higher over 2018 and with strong end-market demand, producers believe market conditions will carry on supporting high prices.

One producer told Industrial Minerals that “consumers stocks are depleted which means they have no space to trial different producers – they must stick with material they are used to processing.”

“This puts an emphasis on quality material and consistent supply and with supply tight due to environmental controls in China, consumers are requesting advance shipments,” the producer added. “This is something I haven’t seen for many, many years.”

The producer source told Industrial Minerals he anticipates the current market conditions to support strong pricing into 2019.

Another producer said its mining operation is running at full capacity as a result of positive demand.

Industrial Minerals’ acidspar,97% CaF2, wet filtercake, prices were assessed at $450-530 per tonne fob, China on Thursday June 21. This is up from $400-420 per tonne at the beginning of 2018.

Supply tightness in China

Strong demand in the fluorspar end markets, such as refrigerants, has met with reduced volumes of fluorspar available on the international market from China – the world’s largest producing market – to provide the perfect conditions for higher spot prices.

Environment controls from the Chinese government have hit the fluorspar mining sector, with the second producer source believing “illegal” mines have been taken off the market following inspections.

The fluorspar mining sector in China is extremely fragmented with the largest 30 mines accounting for 1 million tonnes per year of production, and the smallest of those 30 producing just 5,000 tpy.

By comparison the world’s largest producer, Mexichem, produces over 1 million tpy of the 6.5 million tpy global supply.

With mines coming offline due to inspections and no large-volume producers to supply the demand, European consumers have described difficulty in filling order books.

While it is unsurprising that producers are commenting on strong prices while the market approaches contract negotiation stages, typically around September, other market participants have been echoing the sentiment.

One trader told Industrial Minerals he had received inquiries from high-volume European consumers, which he had never experienced before.

The same source said consumers were looking to settle contracts earlier in the year to secure supply, but also on estimations that prices would rise in the second half of 2018.

Alan Green CEO of Brand Communications talks about: i3 Energy #I3E Tertiary Minerals #TYM ECR Minerals #ECR Pressure Technology #PRES & Andalas Energy & Power #ADL

Alan Green CEO of Brand Communications talks about: i3 Energy #I3E Tertiary Minerals #TYM ECR Minerals #ECR Pressure Technology #PRES & Andalas Energy & Power #ADL

(Interview starts at 19 minutes 46 seconds)

US Department of the Interior Releases 2018’s Final List of 35 Minerals Deemed Critical to U.S. National Security and the Economy – USGS

Article from The United States Geological Survey
Release Date: 

The Department of the Interior today published a list of 35 mineral commodities considered critical to the economic and national security of the United States. This list will be the initial focus of a multi-agency strategy due in August this year to implement President Donald J. Trump’s Executive Order to break America’s dependence on foreign minerals

At the direction of Secretary Zinke, on February 16, 2018, Interior’s U.S. Geological Survey published a draft list of 35 critical minerals under Executive Order 13817. A report summarizing the methodology for compiling the list and background information can be found here.

Today, after consideration of the 453 public comments received, the Department of the Interior decided that the methodology used to draft the list remains valid and finalized the original list of 35 critical minerals in the Federal Register.

“The expertise of the USGS is absolutely vital to reducing America’s vulnerability to disruptions in our supply of critical minerals,” said Dr. Tim Petty, Assistant Secretary of the Interior for Water and Science.

The list includes aluminum—used in almost all sectors of the economy; the platinum group metals—used for catalytic agents; rare-earth elements—used in batteries and electronics; tin—used as protective coatings and alloys for steel; and titanium—overwhelmingly used as a white pigment or as a metal alloy. A full list of the 35 mineral commodities follows.

This list of critical minerals, while “final,” is not intended as a permanent designation of criticality, but will be a dynamic list updated periodically to represent current data on supply, demand, and concentration of production, as well as current policy priorities.

Under the Executive Order, the Commerce Department is responsible for organizing the interagency responses into a final report which is due Aug. 16, 2018, to the President.  The report will include:

  • a strategy to reduce the nation’s reliance on critical minerals
  • the status of recycling technologies
  • alternatives to critical minerals
  • options for accessing critical minerals through trade with allies and partners
  • a plan for improvements to mapping the United States and its mineral resources
  • recommendations to streamline lease permitting and review processes,
  • ways to increase discovery, production, and domestic refining of critical minerals

This report will, as appropriate, include analyses and strategies to strengthen and sustain the supply chains for all minerals, and analyses and strategies targeted to minerals deemed critical based on this 2018 analysis.  For example, because the permitting of minerals development activities is administered under existing mineral disposal laws and regulations, any recommendations to improve permitting processes for critical minerals will improve permitting processes for all minerals administered under the same laws and regulations by the Bureau of Land Management and other Federal land management agencies..

The full list of critical minerals includes the following—click a mineral’s name to find relevant statistics and publications: 

  • Aluminum (bauxite), used in almost all sectors of the economy
  • Antimony, used in batteries and flame retardants
  • Arsenic, used in lumber preservatives, pesticides, and semi-conductors
  • Barite, used in cement and petroleum industries
  • Beryllium, used as an alloying agent in aerospace and defense industries
  • Bismuth, used in medical and atomic research
  • Cesium, used in research and development
  • Chromium, used primarily in stainless steel and other alloys
  • Cobalt, used in rechargeable batteries and superalloys
  • Fluorspar, used in the manufacture of aluminum, gasoline, and uranium fuel
  • Gallium, used for integrated circuits and optical devices like LEDs
  • Germanium, used for fiber optics and night vision applications
  • Graphite (natural), used for lubricants, batteries, and fuel cells
  • Hafnium, used for nuclear control rods, alloys, and high-temperature ceramics
  • Helium, used for MRIs, lifting agent, and research
  • Indium, mostly used in LCD screens
  • Lithium, used primarily for batteries
  • Magnesium, used in furnace linings for manufacturing steel and ceramics
  • Manganese, used in steelmaking
  • Niobium, used mostly in steel alloys
  • Platinum group metals, used for catalytic agents
  • Potash, primarily used as a fertilizer
  • Rare earth elements group, primarily used in batteries and electronics
  • Rhenium, used for lead-free gasoline and superalloys
  • Rubidium, used for research and development in electronics
  • Scandium, used for alloys and fuel cells
  • Strontium, used for pyrotechnics and ceramic magnets
  • Tantalum, used in electronic components, mostly capacitors
  • Tellurium, used in steelmaking and solar cells
  • Tin, used as protective coatings and alloys for steel
  • Titanium, overwhelmingly used as a white pigment or metal alloys
  • Tungsten, primarily used to make wear-resistant metals
  • Uranium, mostly used for nuclear fuel
  • Vanadium, primarily used for titanium alloys
  • Zirconium, used in the high-temperature ceramics industries

Under the Executive Order, these commodities qualify as “critical minerals” because  each has been identified as  a non-fuel mineral or mineral material that is essential to the economic and national security of the United States, that has a supply chain vulnerable to disruption, and that serves an essential function in the manufacturing of a product, the absence of which would have significant consequences for the economy or national security.

Link here to view the article on USGS website

Proactive Investors – Tertiary Minerals #TYM focuses attention on single acquisition in second half of financial year

 The AIM-listed miner reported a pre-tax loss for the period of £133,539, narrowing from £211,850 in the same period last year

Tertiary said it was focusing on one fluorspar project that had potential for near term revenue

 

Tertiary Minerals PLC (LON:TYM) said it is focusing its acquisition efforts on one particular project as it provided an update in its half-year report.

The AIM-listed miner reported a pre-tax loss for the period of £133,539, narrowing from £211,850 in the same period last year, while the group ended the period with cash and cash equivalents totalling £474,052, up from £145,212 for the same period a year ago.

READ: Tertiary Minerals in constructive dialogue with authorities in Sweden about mine permit

The group added that following an evaluation of several potential acquisitions, it was now focusing its efforts on one fluorspar project that has the potential to generate revenue in the near term.

Tertiary also said that the Swedish Mining Inspectorate was assessing feedback from key stakeholders regarding its application for an exploitation permit for the Storuman Fluorspar project in Sweden.

In April, the firm had said dialogue between itself and the relevant authorities in Sweden had continued to make constructive progress regarding the potential development of the project.

Meanwhile, scoping study level bench scale metallurgical testwork was progressing at SGS Lakefield in Canada for the company’s MB Fluorspar project in Nevada, USA.

Executive chairman of Tertiary, Patrick Cheetham, said: “The pricing environment for fluorspar has continued to strengthen, particularly for delivery into Europe where, after a period of disconnect, prices are now catching up with Chinese domestic prices which have traditionally set the pricing benchmark. Downstream processors of fluorochemicals have recently reported strong sales and increased prices.”

He added that the company was still entitled to further payments on the definition of ore reserves and mineral resources and a royalty on production in relation to the sale of its Finnish gold projects to Aurion Resources Ltd, in which the company profited £31,264.

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