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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

+44 (0)845 868 4580
Silk Point, Queens Avenue, Macclesfield, Cheshire SK10 2BB.
Super Sector:
General Mining
General Mining
EPIC / Symbols:
*subject to change and depends on individual circumstances.

Tertiary Minerals RNS Press Releases

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Tertiary Minerals Articles, News, and Media Files

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Tertiary Minerals Related Media

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  • 16/04/2014

    Stocktube video - Tertiary Minerals unveils substantial maiden resource at MB project

    Richard Clemmey, chief executive of Tertiary Minerals (LON:TYM), goes through the ins and outs of what the company called a "substantial" maiden resource for the MB fluorspar project in Nevada. He also gives a quick primer on the many uses for fluorspar; it's a long list and, as he tells Proactive Investors, that means there are a lot of customers out there for the product when mining gets underway. Before that happens though, the company is planning more drilling to further upgrade the resource.

Broker press

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  • 16/04/14

    16.04.14 :-1.25, (9.38) Cantor Fitzgerald reiterates its "buy" rating and raised its price target to 18p from 16p.

  • 28/08/12

    28.08.12 :-0.12, (5.88) Seymour Pierce reiterates its "buy" rating and raised its price target to 30p from 25p.

  • 08/08/12
    +0.25 +5.25

    Seymour Pierce reiterates its "buy" rating but cut its price target to 25p from 31p.

  • 31/10/11
    +3.63 +9.13

    Press: Tertiary Minerals rose on news of positive drilling results at a project in Sweden. The public mineral exploration and development... read more

  • 26/08/10
    +1.00 +5.38

    an article in the Mail reports: Tertiary Minerals rose 1.62p to 4.00p after a bullish report from broker Seymour Pierce which values the shares at 13p each. Dealers... read more

Director dealings

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Date Director Trans Amount Type Price(p) Value (£) Holding %
17/06/13 D.A.R. McAlister SELL 276,242 ORD 5.30 14,641 181,579 0.11
21/03/13 D.A.R. McAlister SELL 300,000 OPT 7.00 21,000 457,821 0.34
18/03/13 D.A.R. McAlister EX 300,000 WTS 2.38 7,140 757,821 0.56
10/01/13 R. Clemmey BUY 6,333 ORD 7.90 500 6,333 N/A
22/02/11 D. Whitehead EX 300,000 WTS 2.38 7,140 300,000 0.25


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Date Type Turnover Profit EPS (p) Dividend (p) Currency
30/09/13 Full year 0.00 -0.45 -0.31 0.00 GBX
31/03/13 Interim 0.00 -0.25 -0.19 0.00 GBX
30/09/12 Full year 0.00 -0.50 -0.41 0.00 GBX
31/03/12 Interim 0.00 -0.19 -0.16 0.00 GBX
30/09/11 Full year 0.00 -0.29 -0.26 0.00 GBX

Company Statement

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).


A European Commission report has named fluorspar as one of its 14 'critical mineral raw materials' for which a predicted supply shortage would represent a substantial economic threat. The fluorspar market is going through a ‘paradigm shift’ – with China evolving from a large net exporter to a potential net importer. Tertiary Minerals plc is one of a limited number of listed companies offering exposure to looming fluorspar market shortage.


The Company has diversified its risk with projects in a variety of commodities in Finland and Saudi Arabia.


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

Current Operations



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 89 contiguous unpatented mining claims covering an area of 1,712 acres.



Geology & Style of Mineralisation

At the MB Project flat lying fluorspar mineralisation occurs as a skarn-type replacement of flat lying limestone beneath a quartzite cap. The source of the mineralising fluids in skarn systems is usually a granite intrusive and mineral grades tend to increase where fluid flows are focused or pooled – for example at impermeable barriers such the overlying quartzite. 

The style of mineralisation also tends to change with distance from the source intrusion and is often higher grade, sometimes with associated base or precious metal mineralisation, proximal to the source granite and lower grade in more distal zones. The source granite has not yet been intersected and so there is an exciting additional target for high grade mineralisation in proximal zones not yet tested by drilling.

11.9m grading 0.42% beryllium oxide in Bear Creek hole BC11 from 386.8m to base of hole,

and highly anomalous zinc and molybdenum e.g.:

10.5m grading 2.49% zinc from 157.86m in Bear Creek hole BC9 & 3.0m grading 0.56% molybdenum from 103.6m in Asarco holes A10.

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.

Major Shareholders


Updated from Tertiary website 4 July 2013

  • Additional Information
    Share Price
    163.97 m
    Avg. Vol
    Mkt Cap
    £12.51 m
  • Latest Stocktube

    Tertiary Minerals unveils substantial maiden resource at MB project

    View full size
  • Contact Information

    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

    Corporate Information

    Broker and Nominated Adviser

    Seymour Pierce Limited

    20 Old Bailey


    EC4M 7EN



    National Westminster Bank plc 

    2 Spring Gardens



    SK17 6DG




    58 Mosley Street


    M2 3HZ



    PKF (UK) LLP

    3 Hardman Sreet



    M2 3HF



    Capita Registrars

    The Registry

    34 Beckenham Road



    BR3 4TU

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