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Market: AIM
Sector: General Mining
EPIC: TYM
Latest Price: 9.00p  (-1.42% Descending)
52-week High: 16.00p
52-week Low: 3.88p
Market Cap: 10.69M
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Tertiary Minerals
www.tertiaryminerals.com

Tertiary Minerals plc (ticker symbol ‘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 and Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway). 

 

 

Full Tertiary Minerals profile here
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Seymour Pierce raises Tertiary Minerals target price

19th Jan 2012, 9:29 am by Sergei Balashov The new target represents an upside of 250 percent to Tertiary’s current share price of 9.13 pence

Seymour Pierce said the maiden resource statement for the Lassedalen fluorspar project unveiled by Tertiary Minerals (LON:TYM) yesterday was conservative and raised its price target on the company.

The maiden Lassedalen resource – which is compliant with the JORC standard – stands at 4 million tonnes at a grade of 25 per cent flourite containing one million tonnes of fluorite.

Lassedalen is one of the two major Scandinavian fluorite projects, the other one being Storuman in Sweden. The maiden resource estimate for Lassedalen has taken the total resource across the two sites to 3.8 million tonnes of fluorite.

Seymour Pierce analyst Asa Bridle said Lassedalen provides a good balance to the company’s portfolio as it represents a low volume and high grade underground operation, complementing the larger and lower grade surface operation at Storuman.

The analyst also noted the proximity of both projects to “first class” infrastructure in countries with a low risk profile.

The company welcomed the “significant” increase to its resource base, which it said supports its ambition to become a major supplier of fluorspar in Europe.

Bridle pointed out that the cut-off grade of 11percent used in the resource estimate was based on a fluorspar price of US$200 per tonne, which is 37 percent below current spot prices. He added that the resource remains open along strike and at depth, indicating potential for further upgrades.

The new estimate has increased the overall resources included in Bridle’s analysis by 12 percent as it includes a 50 percent discount to the historical resource estimates for Lassedalen at 0.6 million tonnes.

As a result the analyst raised his target price by five percent to 31.5 pence.

The new target represents an upside of 250 percent to Tertiary’s current share price of 9.13 pence, which gives the company a market cap of £10.85 million.

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