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Market: AIM
52-week High/Low: 5.75p / 1.88p
Sector: Mining
Market Cap: 3.53M
Phone: +44 (0)845 868 4580
Address: Silk Point, Queens Avenue, Macclesfield, Cheshire SK10 2BB.
Tertiary Minerals

Tertiary Minerals

Tertiary Minerals plc (AIM – EPIC: 'TYM') is an AIM-quoted 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).

VIDEO: Tertiary Minerals’ Chairman Patrick Cheetham Q&A: Tapping Into Critical Supply

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Tertiary Minerals

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Big picture - Why invest in Tertiary Minerals

Tertiary Minerals Snapshot

The Company’s aim is to add value to the Group’s mineral projects through the discovery of mineral resources and to become a reliable long-term and competitive supplier of fluorspar to world markets.

The strategy is to acquire and develop large fluorspar deposits located to established infrastructure and markets in stable, democratic and mining friendly jurisdictions.

Large deposits are essential to support a long mine life and to provide for future expansion. Proximity to infrastructure is critical for the development of industrial mineral deposits as they tend to be niche developments that do not stand substantial infrastructure costs. Transport costs can be a significant part of the costs of fluorspar delivered to a customer and so proximity to markets is important, especially in periods of low prices and so the Company has deliberately sought out projects close to the major markets in Europe and North America.

Mineral development is a high-risk business and as a result Tertiary seeks projects in countries with low levels of corruption and political risk. This helps satisfy the Company’s potential customers’ needs to demonstrate that their fluorspar raw materials are ethically sourced with minimum chance of political interference or supply disruption.

Business Model
The Group’s business model has established it as a successful, efficient and low costs explorer. The Company identifies mineral project opportunities through internal research and prefers to acquire its interests by licence of “open ground” from the relevant authority. This allows Tertiary to acquire 100% ownership of valuable assets often at minimal cost - as was originally the case for the Storuman and Lassedalen projects. In other cases, rights are negotiated rights from existing owners for initially low periodic payments that rise over time as confidence in the project value increases - as is the case for the recently acquired MB project in Nevada USA.

The Group seeks to run the Company with a low cost base in order to maximise the amount that can be spent on exploration and development as this is where value can be added. The Company has 5 full time employees including the two executive directors who work with and oversee a range of carefully selected and experienced consultants and contractors as and when work requires.

The administration costs are reduced through a management agreement with Sunrise Resources, where Tertiary is a substantial shareholder (as defined under the AIM Rules), and whereby Sunrise Resources share Tertiary’s office costs and staff costs.

The Company’s activities are financed through periodic capital raisings, through placings and other innovative equity based financial instruments. As the projects become more advanced the Board aims to secure at least some project funding from future customers via production sharing and other marketing arrangements should fluorspar supplies from traditional Chinese suppliers become harder to obtain.



Tertiary Minerals holds an exploration licence covering a major deposit of fluorspar near Storuman in the Västerbottens district of Northern Sweden. Fluorspar is the commercial name for the industrial mineral fluorite (calcium fluoride - chemical formula CaF2) which is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls an estimated four million tonnes of fluorspar across its two Scandinavian projects (Storuman in Sweden and Lassedalen in Norway).


The deposit is located in an area with well-established infrastructure. It is located adjacent to a sealed highway and only 25 km from the regional town of Storuman which is connected by rail and a sealed highway to the city and port of Umeå on the Gulf of Bothnia. The sealed highway continues in the opposite direction to the ice-free port town of Mo-I-Rana in Norway. There are also sealed highway routes to the major regional port of Skellefteå. Each of these three named ports is roughly 250km from the project site.


The basis for the Storuman Project is a large area of flat lying, sandstone hosted fluorspar mineralisation that extends over an area of at least 3.6 km by 1.2 km where the mineralised horizon is typically 3-10 m thick. The mineralisation has been defined (but not closed off) by 95 drill holes; 39 completed by Gränges International Mining in the 1970s; 10 by Tertiary Minerals in 2008 and 46 by Tertiary Minerals in 2010.

For mining and full project details, please click here




The Company holds exploration permits at Lassedalen which grant exploration rights to claimable minerals (those with a specific gravity of 5g/cm3 or greater) and the Company has secured exploration rights for non-claimable minerals (which includes fluorspar, specific gravity 3.2) from private land and mineral owners under new mining legislation introduced in 2010.

The Lassedalen fluorspar deposit was mined on a small scale during World War II when it was developed to a depth of 40m below surface and fluorspar was mined from a 560m long drift for use in aluminium smelting. The mine was dewatered in the 1970s by Norsk Hydro A/S and 29 diamond drill holes were drilled at surface as well as a series of percussion drill holes underground.

This project has complementary characteristics to the Company’s Storuman Fluorspar Project where a positive scoping study has been completed.

Mineral Resource Estimate – for details please click here

Scoping Study Highlights – for details please click here



The Lassedalen fluorspar project is located in Southern Norway, 80km southwest of Oslo and 5km southwest of the historic silver mining town of Kongsberg. The project is located adjacent to the E134 highway which connects the project to the sea port of Drammen 50km to the east.



A mining rate of 543,000 tonnes of ore per year was used to attain a target output of 100,000 tonnes per year of acid grade fluorspar concentrate. The mining method chosen for the Lassedalen deposit is sub level open stoping and the mine would be owner operated. The mine will be a fully mechanised operation, utilising diesel powered load haul dumps and articulated haul trucks to haul the ore from the mine to a surface processing plant via an incline ramp.

Based on the SRK block model and assumptions of 10% mine dilution and 95% mine recovery, the processing plant will mill a total of 3.6 million tonnes at a head grade of 22.4% resulting in an initial mine life of 6.6 years.

Mineral Processing

WAI has carried out a programme of metallurgical testwork (bench scale) during which acid grade fluorspar concentrate has been produced. The testwork formed the basis of the mineral processing flowsheet used in the Study. The Lassedalen ore is envisaged to be processed using three stage crushing, ball milling, pre-flotation of the sulphide minerals and flotation of the fluorite to produce acid grade fluorspar concentrate assaying 97.5% CaF2.

The estimated recovery of fluorite in the process plant will be 80.3% with the plant designed to treat 543,000 tonnes per year of ore on a 24 hour, 5 days per week operating schedule.

For full project details, please click here




On 3rd September 2012, as part of its strategy to build and develop a portfolio of long-life, high value fluorspar resources in stable, democratic and mining friendly jurisdictions, Tertiary Minerals plc announced a lease agreement and option to acquire a group of mining claims in Nevada (“the MB Property”), western USA.

Historic exploration results define a major fluorspar deposit that, the Company believes, could have world class potential.

The US Government considers fluorspar to be a strategic mineral. There is a large market for fluorspar in the US and around the Pacific Rim, but currently no significant US production.


The MB Project claims are located 19km southwest of the town of Eureka in central Nevada. Eureka is on US Highway 50 and is the administrative centre for Eureka County which hosts a number of major mines including Barrick’s Ruby Hill Mine and other major deposits such as General Moly’s Mt. Hope porphyry molybdenum development.

Nevada is long recognised as one of the most attractive mining jurisdictions in the world and The MB Project now comprises 146 contiguous unpatented mining claims covering an area of approximately 2,800 acres.

Geology & Style of Mineralisation

The MB Property was first explored in the 1960s by Union Carbide for beryllium and subsequently for different commodities by a number of different companies including Asarco, Bear Creek Mining, U.S.Borax, Amselco, Arimetco and Homestake. A total of 108 drill holes were completed.

The Company has been able to source all of the drill results for these explorers, which although mainly exploring for other commodities, included fluorspar (fluorine) in their analyses. The drill results build a clear picture of the large scale of the mineralisation. The data includes a report by Asarco which refers to a tonnage-grade estimate of 110 million tonnes grading 10% CaF2. All of the Asarco drilling falls within the Property. Drilling carried out after Asarco included even deeper drilling by Bear Creek Mining which shows that fluorspar mineralisation was continuing at the end of holes nearly 400m deep.

All significant drill results are shown in the attached table. Significant drilling results extend over an area of 1.5km by 1.5km with drill intersections both from surface and at depths of up to 400m. Drill intersections in the range of 20-130m thick grading c.10% fluorspar are numerous and the majority of such holes ended in fluorspar mineralisation e.g.

  • 50 metres grading 12.3% CaF2 from 1.5 metres deep to end of Asarco hole A4
  • 75 metres grading 10.9% CaF2 from 6.1 metres deep to end of U.Carbide hole DHB77
  • 125 metres grading 11.6% CaF2 from 9.1 metres deep to end of Asarco hole A1

Higher grade intersections are also reported e.g. 13.7m grading 21.3% CaF2 from 44.20m in Asarco hole A10 and 14.9m grading 20.6% CaF2 from 331 metres in Bear Creek hole BC11.

For Metallurgical Characteristics details, please click here


Further Work

The Company has been unable to locate historic drill core or other drill samples from the MB Project. They may not have been preserved. Consequently the Company is not currently in a position to carry out any re-sampling of historic samples to generate comparative data that would allow the historical results to be used in a modern estimate of a code-compliant Mineral Resource. However, it is anticipated that the available data is sufficiently detailed to allow a compliant tonnage-grade range estimate to be produced and classified as an Exploration Target under JORC. It is anticipated that only limited infill drilling will then be needed to define a JORC Compliant Mineral Resource.

For full project details, please click here



Kaaresselkä Gold Project

The Company holds the Kaaresselkä gold prospect in the Lappland Greenstone Belt in Northern Finland. This greenstone belt contains numerous gold deposits including the world-class 3 million+ ounce Suurikuusikko discovery now being developed by Agnico Eagle.

Tertiary has completed two phases of drilling. The best results were obtained from the Vanha zone where a zone of gold mineralisation was defined that is open at depth and along strike. The explored area is just one part of the prospective Kaaresselkä Shear Zone in the 4km long project area now controlled by Tertiary Minerals. The Shear Zone itself is associated with the Sirkka Break, a major geological feature associated with gold mineralisation in Central Lappland.


For full project details, please click here

Kiekerömaa Gold Project
The Kiekerömaa project is part of the wider gold interests of the Company in Finland which include the Kaaresselkå gold project, 20km to the east.
In April 2011 Tertiary Minerals completed an eight hole diamond drilling programme at Kiekerömaa. The drilling programme, whilst affected by low core recovery, has indicated the potential for a significant gold-bearing sulphide mineralised zone. Extensive core loss in shallow holes suggests deep weathering of hydrothermally altered rocks associated with extensive gold-mineralised zone. It also means that the mineralised zone was not meaningfully sampled in the majority of shallow holes.
For full project details, please click here
Rosendal Tantalum Project
The Rosendal claim is located in south-west Finland, on Kemiö Island and was originally discovered by the Geological Survey of Finland (GTK).
Tertiary has carried out a number of drilling programmes at Rosendal. The results of CSMA pit-optimisation studies suggest a limited mine life based on the current block model and the low 2002 tantalum prices. CSMA concluded that a resource of 1mt at an in situ grade of approximately 390 ppm Ta2O5 would be required in addition to higher tantalum prices to progress the project further and that additional drilling at depth may be justified to increase the available tonnage of higher-grade material.
The Rosendal pegmatite is currently open at depth and contains a number of higher grade zones with potential to meet the future requirements for a commercial operation.
For full project details, please click here
Ghurayyah Tantalum-Niobium-Rare-Earth Project
Ghurayyah is a world-class deposit containing valuable tantalum, niobium, rare-earths, zirconium and yttrium. 
Following favourable metallurgical testwork and a successful Scoping Study, further activities have been carried out as part of a Pre-feasibility study including further metallurgical testwork, an environmental scoping study, a location trade-off study and additional resource investigation work.
The conceptual mining rate is 1.52 million tonnes ore per annum over an initial 20 year period although at this rate the known resources should be sufficient for over 200 years of operations.
The project is being funded jointly by Tertiary (Middle East) Ltd together with the consortium of Saudi investors (AH Algosaibi Bros Co and Al Nahla Trading & Contracting Co).
At present work on the project is currently suspended pending the re-issue of an exploration license over the deposit in the names of Tertiary (Middle East) Ltd - a wholly-owned subsidiary of the Company (50%); AH Algosaibi Bros Co (25%); Al Nahla Trading & Contracting Co (25%).
For full project details, please click here


Board of Directors

Patrick Cheetham - Executive Chairman 

Mr Cheetham is the founder of the Company. He is a mining geologist with 31 years’ experience in mineral exploration and 25 years in public company management. Mr Cheetham started his career as an exploration geologist in Australia with Western Mining Corporation and prior to that worked for Imperial Metals Corporation in British Columbia, Canada. From 1986 to 1993 he was joint managing director of Dragon Mining NL, during which time he was responsible for the formation of that company, the identification of and acquisition of its exploration projects, its listing on the Australian Stock Exchange and the subsequent development of its exploration projects. Patrick co-founded Archaean Gold N.L. in 1993 – the subject of a successful $50 million takeover bid by Lachlan Resources NL. He is also Chairman of Sunrise Resources plc.

Richard Clemmey – Operations Director

Mr Clemmey is a Chartered Engineer with more than 20 years of mine/quarry development and management experience.  A graduate of the Royal School of Mines in London, Richard spent the first 7 years of his career in the Middle East for Derwent Mining Ltd developing and managing a chromite mining business.  Richard has held many senior positions including Operations Manager for Lafarge running their flagship industrial minerals operation in the north of England.  He was General Manager for Hargreaves GB Ltd responsible for their quarrying and recycling operations and UK Operations Manager for Marshalls plc responsible for 8 quarrying operations.  Richard was General Manager for CFE Rock managing their industrial minerals operations in Oman before joining Tertiary Minerals plc in September 2011.  He was appointed by the Board to the position of Operations Director in May 2012.

Donald McAlister - Non-Executive Director 

Mr McAlister is a founding director of the Company and has 20 years’ experience in all financial aspects of the resource industry. He was until recently finance director of Ridge Mining plc. Prior to that he was finance director of Reunion Mining.  Donald’s experience includes the economic evaluation of gold and base metal mines and the arranging of project finance for feasibility studies and mine developments. He is familiar with all financial aspects of resource companies including metal hedging, tax planning and economic modelling. He is currently finance director of Mwana Africa PLC. 

David Whitehead - Non-Executive Director

Mr Whitehead is a mining geologist. He joined Tertiary in April 2002 on retiring as Vice-President, Integration, Exploration and Innovation at BHP Billiton Group Plc, having been with the Billiton Group since 1976. As Chief Executive, Exploration and Development of Billiton Plc from 1997, David created and introduced a market oriented and commercial approach to minerals exploration, involving the formation of strategic alliances with junior exploration companies.  Following the merger of Billiton with BHP.  David led the team responsible for the integration of the two companies’ exploration and development groups. He has a broad range of exploration and general mining and management skills.  Mr Whitehead was until recently Chairman of ENK plc.

Colin Fitch MA, LLM, FCIS, Barrister-at- Law - Company Secretary

Colin Fitch is a Barrister-at-Law, and was previously Corporate Finance Director of Kleinwort Benson, Partner and Head of Corporate Finance at Rowe & Pitman (SG Warburg Securities) and Assistant Secretary at the London Stock Exchange. He has also held a number of non-executive directorships of public and private companies, including Merrydown Plc, African Lakes and Manders plc. Since retiring from full time work he is currently non-executive director of African Lakes and was until recently Company Secretary of both Ridge Mining plc and Cluff Gold.  He is currently also Company Secretary for Sunrise Resources plc.

Head Office

Tertiary Minerals plc 

Silk point

Queens Avenue



SK10 2BB

United Kingdom 

Tel : +44 (0) 845 868 4580

Fax: +44 (0) 1625 838 559 


Registered Office

Tertiary Minerals plc

Sunrise House

Hulley Road



SK10 2LP

United Kingdom

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