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Fluorspar is an essential raw material in the chemical, steel and aluminium industries and 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. Shares in the Company trade on AIM.

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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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 %
23/02/15 D. Whitehead FEES 50,000 ORD 0.00 0 379,003 0.22
23/02/15 D.A.R. McAlister FEES 21,488 ORD 0.00 0 515,536 0.30
19/08/14 D. Whitehead FEES 29,003 ORD 0.00 0 29,003 0.02
19/08/14 D.A.R. McAlister FEES 12,469 ORD 0.00 0 494,048 0.29
17/06/13 D.A.R. McAlister SELL 276,242 ORD 5.30 14,641 181,579 0.11


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Date Type Turnover Profit EPS (p) Dividend (p) Currency
31/03/15 Interim 0.00 -0.22 -0.13 0.00 GBX
30/09/14 Full year 0.00 -0.36 -0.22 0.00 GBX
31/03/14 Interim 0.00 -0.08 -0.05 0.00 GBX
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

Company Statement


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.

Current Operations

Storuman Overview




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.


Mineral Resource Estimate


In March 2011 the maiden JORC compliant Mineral Resource was estimated for the Storuman Fluorspar Project. Further details may be found in the RNS dated 31st March 2011.


Classification Million Tonnes (Mt) Fluorspar (CaF2%)
Indicated 25.0 10.28
Inferred 2.7 9.57
Total 27.8 10.21


The Mineral Resource Estimate is based on the results from 56 diamond drill holes completed by the Company in 2008 and 2010. All tonnage in the estimate falls within a Whittle optimised open-pit with low waste overburden strip ratio (0.8 tonnes of overburden per tonne of mineralisation).


By definition, a JORC compliant Mineral Resource must have reasonable prospects for eventual economic extraction and portions of a mineral deposit that do not have such prospects must be excluded from the estimate.


To determine the Mineral Resource Statement, a Whittle pit optimisation exercise is used to determine the proportion of the material that has a reasonable prospect of economic extraction. The ore tonnage and grade generated by the pit optimisation process is the Mineral Resource Estimate. It is classified as either “Inferred” or “Indicated”. The Minerals Resource at Storuman is 90% in the higher “Indicated Mineral Resource” category which means that confidence in the estimate is sufficient to allow the application of technical and economic parameters, and to enable an evaluation of economic viability.




The deposit is located in an area with well-established infrastructure. It is located adjacent to a sealed highway and only 25km 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.


For further information on this project please click here


The MB Project Overview




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.


Maiden JORC Compliant Mineral Resource Estimate


April 2014 the maiden JORC compliant Mineral Resource Estimate was completed by Wardell Armstrong International Limited (WAI) for the MB Fluorspar Project. Further details may be found in the RNS dated 16th April 2014.


The Mineral Resource estimate and classification has been prepared in accordance with the Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves JORC Code (2012). Sample data was imported and verified before mineralised zones were defined to a cut-off grade of 2.0% CaF2. Samples were composited and subsequently used to produce a Mineral Resource Estimate of the CaF2 mineralisation at the MB project using inverse power distance as the principal estimation method.


The fundamental consideration to classify a Mineral Resource in accordance with guidelines of the JORC Code (2012) is that it has a “reasonable prospect for eventual economic extraction”. Mineral Resources are classified, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.


WAI considers that the MB Project has been sufficiently explored to estimate Indicated and Inferred Mineral Resources as defined by JORC Code (2012).


WAI has classified the area of the southern part of the MB Project where the 2013 drilling has been completed roughly on an 80m x 80m grid and at least three north-south profile lines have been completed as Indicated Resources. WAI has classified the remainder of the deposit as Inferred Resources where estimated blocks are within 120m of a 2013 drillhole.


The Mineral Resource is restricted to all material falling within an optimised pit shell created in CAE Mining NPV Scheduler and above a cut-off grade of 8% CaF2. The base of the southern pit has a maximum depth of approximately 120m from current surface and the central area pit has a maximum depth of approximately 130m from current surface.


The Mineral Resource Estimate for the MB project is shown below.




For further information on this project please click here


Lassedalen Fluorspar Project Overview




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


In January 2012 SRK completed a maiden JORC compliant Mineral Resource Estimate for the Lassedalen Fluorspar Project. Further details may be found in the RNS dated 18th January 2012.



The Mineral Resource Estimate is based on a database which includes geological and other data from 29 surface drill holes drilled by Norsk Hydro A/S in the 1970s, historic assay data from 26 of these holes and more recent assay data generated by Tertiary Minerals plc from re-logging and re-sampling of 23 of the surface drill holes carried out in 2011.



By definition, a Mineral Resource must have reasonable prospects for eventual economic extraction and portions of a mineral deposit that do not have such prospects must be excluded from the estimate. The assay data from core-resampling and historic assaying was used for block grade estimation. To determine which parts of the mineralisation can be included in the final Mineral Resource Statement, the resulting blocks have been subjected to a Mineable Shape Optimiser (MSO) study (Datamine’s floating stope optimisation programme). The table below shows the assumptions applied to the MSO.


A mine-gate fluorspar price of US$350/tonne is estimated by the Company to be roughly equivalent to US$380/tonne delivered (CIF) into Rotterdam. The CIF Rotterdam price in September 2012 was reported to be US$500-530/tonne published in Industrial Minerals Magazine.




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.


For further information on this project please click here


Kaaresselkä Overview

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.


Gold was first discovered at Kaaresselkä by the Geological Survey of Finland ("GTK") which completed 10,000m of diamond core drilling in 185 shallow holes. The project area has well developed infrastructure and is accessed by a network of logging roads and is just 15km from the Pahtavaara gold mine owned by Lappland Goldminers AB of Sweden.



Drilling to date at Kaaresselkä is reported by GTK to have intersected gold mineralisation in three separate zones - Vanha, Tienvarsi and Lampi - within an area of 1.1km by 0.6km. Drilling of the Vanha zone indicates that it is at least 650m long and broken into a number of fault blocks so that it does not outcrop continuously. In the centre of the Vanha zone there is a continuous block of mineralisation 200m long and 9-16m wide continuing to the deepest drill-hole at a depth of 55m from surface.


The Tienvarsi zone, drill defined for 200m along strike to date, has a reported width of 4-13m and has been drilled to only 40m vertical depth.


At Lampi drilling has defined a 10m wide breccia zone with assays up to 5.87g/t gold. Several other targets are defined by geochemical and geophysical anomalies and limited drilling.


GTK reported a best drill intersection of 2m grading 45g/t gold and several drill intersections of 3m grading better than 10g/t gold. The gold occurs as free gold, sometimes visible in drill core. Previous drilling was reportedly hampered by weathering of the mineralised zones which made for poor core recovery and hindered a detailed resource estimate. However, from drilling of the Vanha and Tienvarsi open-ended 200m long zones, GTK estimated a volume of at least 160,000 cubic metres of mineralised material grading between 1 and 10g/t gold and between 0.2% and 2% copper to the maximum drilled depth of 55m from surface. Mineralisation remains open at depth and along strike within Tertiary's claims and claim applications.


For more information on this project please click here


Kiekerömaa Overview

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. They are located within the Lappland Greenstone Belt which hosts a number of advanced gold projects and two operating gold mines including the multi-million ounce Kittila Gold mine operated by Canadian major, Agnico Eagle Mines.


The Kiekerömaa prospect was drilled in 1997 by Outokumpu when six shallow reverse circulation drill holes were completed to follow up an area of gold-anomalous soils found during regional soil sampling. Encouraging gold-bearing drill intersections were made by Outokumpu but were not followed up in that period of low and declining gold prices.


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.


Deeper holes with good core recovery gave the best result: 4.55m grading 3.62g/t gold from 89.90m within thick sulphide-mineralised zone - 50.55m grading 0.49g/t gold from 74.25m to the base of the hole in 11KAD-006 at the western edge of the area tested.


Geophysics planned to outline the extent of the gold-bearing sulphide zone and to locate further drill targets.


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 more information on this project please click here


Rosendal Tantalum Project Overview




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. CSMA Consultants Ltd completed an initial financial evaluation in 2002 as a part of the preliminary feasibility study. This work evaluated capital and operating costs for a contract mining operation feeding a gravity concentration plant producing 60,000 pounds of Ta2O5 in high-grade tantalite concentrates and a saleable feldspar concentrate. The capital cost for a plant treating 125,000 tonnes per annum was estimated at US$5.5 million.


The basis for the CSMA study was an Inferred Mineral Resource block model compiled by SRK Consulting and estimated to contain 1.05 million tonnes at a mean grade of 255ppm Ta2O5.


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 further information on this project please click here



Board of Directors

Patrick Cheetham - Executive Chairman 

Patrick Cheetham has a first class honours degree in Mining Geology from the Royal School of Mines, Imperial College, University of London. He is also a former winner of the Cominco (Europe) prize for mining geology. Patrick co-founded Archaean Gold N.L. in 1993 with his wife, Karen. At the 1995 "Diggers and Dealers" mining forum in Western Australia, Archaean Gold N.L. was awarded "Best Junior Explorer of the Year", and in July 1996 it was the subject of a successful $50 million takeover bid by Lachlan Resources NL. Prior to founding Archaean Gold, Patrick was, from 1986 to 1993 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 operated a private mineral exploration company, Sovereign Mining Limited, in the UK from 1983 to 1985 and prior to that worked for Western Mining Corporation in Western Australia, and for Imperial Metals Corporation in British Columbia, Canada. He is also Chairman of Sunrise Resources plc. He is also Chairman of Sunrise Resources plc.

Richard Clemmey – Managing Director

Richard 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. On return to the UK Richard has held many senior positions including Operations Manager for Lafarge running their flagship industrial minerals operation in the north of England; 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 returned back to the Middle East working as 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 and became Managing Director in November 2013.

David Whitehead - Non-Executive Director

Mr Whitehead is a mining geologist with over 40 years’ experience of all aspects of mineral exploration, mine development and operations management including 20 years at senior executive level in one of the world’s major mining companies where he was responsible for long-term strategic planning and the management of a portfolio of gold mines and exploration and development programmes. 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. Mr Whitehead is currently a director of Consolidated Mines & Investments Ltd and Chairman of its subsidiary Consolidated Nickel Mines Ltd.

Donald McAlister - Non-Executive Director 

Mr McAlister is a founding director of the Company. He was until recently Finance Director of Mwana Africa. Prior to that he was Finance Director of Ridge Mining plc and Reunion Mining, having worked previously at Enterprise Oil plc, Texas Eastern N Sea Inc. and Cluff Oil Holdings plc. He has over 20 years’ experience in all financial aspects of resource industry, including metal hedging, tax planning and economic modelling. Donald's experience also includes the economic evaluation of gold and base metal mines and the arranging of project finance for feasibility studies and mine developments. He was also involved in the listing of Reunion Mining plc on the Luxembourg and London Stock Exchanges.

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, African Lakes and Manders plc and was until recently Company Secretary of both Ridge Mining plc and Cluff Gold. He is currently Company Secretary for Sunrise Resources plc.

Major Shareholders


  • Additional Information
    Share Price
    187.78 m
    Mkt Cap
    £6.10 m
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  • 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

    Nominated Adviser

    SP Angel Corporate Finance LLP
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    Joint Brokers

    SP Angel Corporate Finance LLP
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