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Tertiary Minerals #TYM MD Richard Clemmey discusses recent developments and Possehl deal on Vox Markets podcast
Tertiary Minerals #TYM MD Richard Clemmey discusses recent developments and the Possehl deal with Justin Waite on the Vox Markets podcast. Richard covers the following points requested by listeners.
– Fluorspar – classed as a critical mineral in the USA, Europe and China – what is it used for.
– Global fluorspar market growth over the next 5 years
– The company’s three flagship fluorspar projects – Storuman (Sweden), Lassedalen (Norway and MB Project (Nevada, USA).
– Possehl deal, testament of confidence in Tertiary Minerals, a long standing relationship between the two companies.
– Acqusitions, mine development, and near term revenues
British Fluorspar in UK mining revival. Fluorspar market upturn projected for 2018 – Tertiary Minerals #TYM
In the wake of Tertiary Minerals #TYM landmark deal with German commodities giant Possehl Erzkontor, an article on Industrial Minerals forum Imformed.com provides further evidence of an upturn in the global Fluorspar market.
Excerpt from Imformed.com
British Fluorspar’s rejuvenation of the Milldam Mine in Derbyshire, UK is one of several industrial mineral developments which have galvanised a perceived revival of UK mining opportunities in recent years.
UK developments in evaluating and mining fluorspar, barite, salt, gypsum, potash, polyhalite, and lithium were highlighted at the recent IOM3 conference “Current Developments in the UK Mining Industry”, held 4-5 October in London.
Milldam mine is situated in the Peak District National Park and was established in 1951. Operations ceased in 2010 and then restarted in 2013, following British Fluorspar’s acquisition of the mine and Cavendish Mill in 2012.
British Fluorspar, which is owned by leading fluorochemicals manufacturer Fluorsid SpA, Italy, has developed the mine into a modern trackless underground mining operation using a sub-level open stoping system with an underground decline from the surface to mine the narrow vein sub-vertical orebody.
Robinson reported that the operation was coming to the end of its modernisation of equipment phase after a period of dewatering. The resource hosts fluorspar, but also lead and barite mineralisation, and is planned to be mined for 20 years.
Key to the success of Milldam has been the switch from open pit mining to mostly underground operations, clearly reducing its environmental footprint on the surface. Up to 2010, >90% of operations were open pit; by 2016 this had been reduced to a mere 15%.
“There is a future for underground mining in the UK and in Europe. We have to make underground mining in the UK more efficient, that is the future. The challenge is to remain self-sufficient in this highly regulated environment.” said Robinson.
Robinson acknowledged the recently published European Commission (EC) reassessment of its List of Critical Raw Materials (CRM), in which fluorspar is again listed as a CRM.
According to the EC, the EU has an overall import reliance of 70% for its fluorspar requirements. While China accounts for some 64% of world fluorspar supply, Mexico is the EU’s main source of fluorspar, accounting for 27% of demand (China accounts for 17%).
Interestingly, the 2017 EC CRM Review included barite for the first time, with an EU import reliance of 80% (China, 44%, India, 18%). British Fluorspar produces around 10,000 tpa barite, as well as 65,000 tpa processed fluorspar.
……Further to IMFORMED’s earlier report on fluorspar developments in South Africa, SepFluor Ltd appears to be progressing well, if a little ahead of schedule, with its Nokeng project with the plant expected to be completed by August 2018, with final handover expected by February 2019 (180,000 tpa acidspar, 30,000 tpa metspar).
In a recent interview with South Africa’s Mining Weekly, SepFluor CEO Rob Wagner considered that the fluorspar market has survived the bottoming out of prices from mid- to end-2016 and that 2017 was representing an upturn.
Robinson of British Fluorspar concurred to IMFORMED with this view, although Wagner went on to forecast “…a rising market over the next five to eight years.”
Certainly, prices have recovered during the year, hitting four-year highs and rising towards $400/t acidspar FOB China in September. According to Roskill Information Services, “The price of fluorspar generally is on a long-term upward trend.” Roskill’s take on the influence of China on the world fluorspar market will be presented at Fluorine Forum 2017.
Rising domestic demand from China’s fluorochemicals market has impacted supply for exports, although it must be noted that all mining and processing of Chinese minerals are being squeezed by antipollution inspections and the dynamite ban.
According to research by SepFluor, there will be a shortfall of fluorspar of 600,000-800,000 tonnes in global markets by 2026.
Link here to full Imformed.com article
Richard Clemmey, managing director, said development progress had been slower than hoped due to delays in permitting at Storuman in Sweden, but its search for fluorspar project acquisitions had moved forward with one project now at an advanced stage of talks.
The Possehl deal was also a critical building block for the company, he said.
“This strategic relationship not only provides us with the opportunity, and competitive advantage, to secure long-term sales contracts but also access to pre-financing once the definitive Offtake Agreement is signed as we move closer to mine development and production.”
“It is also pleasing to see the fluorspar market and prices improve during the latter part of 2017 and we look forward to this trend continuing,” he added.
Tertiary noted that its team at the MB project in Nevada received the Bureau of Land Management’s (BLM) 2017 Hardrock Small Operator Award (National award) for outstanding and innovative reclamation and sustainable mineral development work on the project.
“As we head into 2018, with rekindled investor interest in the company, we have a number of irons in the fire,” Clemmey added.
Losses for the year to September were £395,000 (£473,000) on revenues of £241,000.
Roskill Fluorspar: Tertiary Minerals #TYM secures strategic tie-up with global commodities group Possehl
Tertiary Minerals #TYM of the UK has signed a memorandum of understanding with Possehl, which will see the German-based Possehl take at least 70% of commercial grade acidspar produced at Storuman in Sweden; Lassedalen in Norway; and MB in Nevada.
Possehl will provide funds to develop the deposits and for any acquisitions Tertiary may make to bulk them up. Tertiary will also receive logistics and infrastructure support from the German group while the projects are developed.
Possehl is headquartered in Lübeck, northern Germany, employs 1,800 people and shipped over 10Mt of commodities in 2016. The memorandum will be effective until one of Tertiary’s fluorspar projects has been in production for a year or a formal off-take agreement is signed.
Featured in Roskill Weekly Round Up.
by Ian Lyall –
Sticking with the risers for a little while longer: it was a good week for AIM-listed Tertiary Minerals #TYM which doubled in value on Friday.
This came after the German group Possehl said it would help the junior miner develop its three main projects.
Tertiary is London’s only publically-traded fluorspar company. Fluorspar? No, me neither.
Anyhoo, here’s a quick cut-out-and-keep we purloined from the Proactive Investors website.
Fluorspar is the mineral form of calcium fluoride – CaF2.
When mined, it is separated into two main grades – acidspar is at least 97 per cent calcium fluoride, while metspar (metallurgical spar) is a much lower purity – at between 60 per and 85 per cent.
The latter is used for iron smelting, and to manufacture glass, steel, enamels and aluminium products, while acidspar is generally converted to hydrofluoric acid, by combining it with sulphuric acid.
This can then be made into other things like fluorocarbons, which are used in Teflon (the stuff your frying pan is coated with), fridges, freezers and air conditioning units.
It is perhaps worth noting that new environmentally friendly refrigerants, required by regulation, contain more fluorine than the older ozone depleting ones.
Physiomics and Tertiary aside, it was a fairly dour week for investors in the junior market with the AIM All Share down 0.8 per cent over the last five trading days to 1,022.57. It did, however, outperform the FTSE 100, which had a rather rough week as it posted a 1.3 per cent decline.
Mail Online full story link here