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Tertiary shares rocket as it gets Storuman mining go-ahead

Shares in fluorspar firm Tertiary Minerals skyrocketed on Thursday afternoon on Swedish permit news....
Tertiary shares rocket as it gets Storuman mining go-ahead
Green lighted - Tertiary gets long awaited mining permit.....

Shares in  fluorspar firm Tertiary Minerals (LON:TYM) skyrocketed on Thursday afternoon on Swedish permit news.

The firm revealed  it had received the long-awaited  exploitation permit for its Storuman project from the country's mining inspectorate.

Shares rose over 44% to stand at 1.55p each.

It comes after 15 months of talks with groups and interested parties.

Storuman is a  large area flat fluorspar mineralisation that extend over an area of at least 3.6 km by 1.2 km where the horizon is typically 3 to10 m thick. It lies next to a highway and only 25 km from the town of Storuman.

The project  has a total JORC resource of nearly 28mln tonnes at 10.21% with 25mln tonnes in  the indicated category.

A previous scoping study six years ago showed a base-case project NPV (net present value) of US$33 million, and an internal rate of return (IRR) of 24% at a US$303/tonne mine gate fluorspar price and a capital pay-back of less than three years.

Fluorspar is the mineral form of calcium fluoride -  CaF2 - and it has many applications. When mined, it is separated into two main grades -  Acidspar is at least 97% calcium fluoride, while metspar (metallurgical spar) is a much lower purity -  at between 60% and 85%.

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 sulfuric acid.

This can then be made it into other things like  fluorocarbons, which are used in Teflon (the stuff your frying pan is coated with), fridges, freezers and air conditioning units..

China produces more than half of all fluorspar production but exports have continued to decline, as the People's Republic has developed and needed to use its own source.

 

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