Fluorspar specialist Tertiary Minerals plc (LON:TYM) has agreed in principle to acquire the land and historic mine workings at the Lassedalen project in Norway.
Aluminium group Hydro has agreed to sell the asset for a nominal NKr1, with Tertiary having 12 months to complete due diligence and a fourteen month exclusivity period.
Richard Clemmey, managing director said: "The potential land acquisition represents a significant milestone for our Lassedalen fluorspar project, as well adding value to the project, the transaction strengthens the long term security of tenure and reduces future royalty exposure".