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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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  • 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

  • Page 1 of 4
Date Director Trans Amount Type Price(p) Value (£) Holding %
19/08/14 D.A.R. McAlister FEES 12,469 ORD 0.00 0 494,048 0.29
19/08/14 D. Whitehead FEES 29,003 ORD 0.00 0 29,003 0.02
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


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Date Type Turnover Profit EPS (p) Dividend (p) Currency
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
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

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

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.


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 information on the Flurspar projects 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


Updated from Tertiary website 01/09/2014

  • Additional Information
    Share Price
    172.76 m
    Avg. Vol
    Mkt Cap
    £10.80 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

    Nominated Adviser

    Cantor Fitzgerald
    One Churchill Place
    Level 20
    Canary Wharf
    E14 5RD


    Joint Brokers

    Cantor Fitzgerald
    One Churchill Place
    Level 20
    Canary Wharf
    E14 5RD


    Beaufort Securities Limited
    131 Finsbury Pavement
    EC2A 1NT



    National Westminster Bank plc
    2 Spring Gardens
    SK17 6DG



    Gowlings (UK) LLP
    15th Floor - 125 Old Broad Street
    EC2N 1AR



    3 Hardman Street
    M2 3HF



    Capita Asset Services
    The Registry
    34 Beckenham Road
    BR3 4TU

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