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Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, is pleased to announce it has entered into a non-binding Heads of Terms to acquire land and historic mine workings on its Lassedalen fluorspar project in Norway from global aluminium company, Hydro.
Lassedalen Land Purchase Highlights
- Entered into a non-binding Heads of Terms with global aluminium company, Hydro, to purchase land and old mine workings on the project
- The purchase is subject to successful due diligence
- 12-month period has been granted for Tertiary to complete due diligence
- Following successful due diligence, both parties shall agree and finalise a purchase agreement within 2 months – negotiation period
- Tertiary has been granted exclusivity for the full 14-month period (due diligence and negotiation period.
- Agreed purchase price of 1 Norwegian Kroner
Commenting today, Managing Director, Richard Clemmey said: “The potential land acquisition represents a significant milestone for our Lassedalen fluorspar project, as well adding value to the project, the transaction strengthens the long term security of tenure and reduces future royalty exposure”.
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/Laura Harrison
+44 (0) 20 3470 0470
Beaufort Securities Ltd
+44 (0)20 7382 8300
Further information regarding the Lassedalen fluorspar project can be viewed on the Company’s website:
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.