The Company has made considerable progress in recent years developing its 100% owned fluorspar projects, progressing through the development cycle from discovery towards commercial production. A number of key issues have however resulted in delays to the development of our most advanced project, Storuman in Sweden, which are highlighted below:
- Poor stock market conditions for junior exploration/development companies
- Continued poor global market conditions for fluorspar
- Recent new case law established in Sweden changing the way Mine Permits are granted (Refer to previous RNS dated 13 & 15 December 2016)
Whilst the Company remains on track with its fluorspar strategy and the development of its fluorspar assets, it recognises the benefit of finding projects capable of generating revenue and profits in a shorter timescale than is achievable with the current portfolio of projects. With this in mind the Company is currently evaluating a number of complementary projects for acquisition with near term sustained revenue and profit potential.
Further news will be announced on the progress of evaluation as and when it becomes available.
Commenting today, Managing Director, Richard Clemmey said: “We are pleased to have started the evaluation process on a number of acquisition opportunities with the potential to transform the Company into being one with sustainable revenues in the near term and which will complement our fluorspar assets currently in development.”
Tertiary Minerals plc
Richard Clemmey, Managing Director
Patrick Cheetham, Executive Chairman
+44 (0) 1625 838 679
SP Angel Corporate Finance LLP
Nominated Adviser & Joint Broker
Ewan Leggat/Lindsay Mair/Laura Harrison
+44 (0) 20 3470 0470
Beaufort Securities Ltd
+44 (0)20 7382 8300
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).
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.