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Tertiary will assess decision to deny exploitation concession at Storuman

Tertiary's lawyer has recommended an appeal against the decision

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Fluorspar has been declared a strategic mineral by the EU and China

Tertiary Minerals plc (LON:TYM) will assess a decision by the Swedish Mining Inspectorate to reject its application for an exploitation concession.

The Mining Inspectorate stated that the economic aspects point in favour of granting the concession, and the socio-economic benefits to the community would be considerable.

READ: Tertiary Minerals offers direct exposure to fluorspar, a material deemed strategic and critical by the EU, US and China alike

However, the Mining Inspectorate also found that co-existence with reindeer husbandry would e compromised.

The company's Swedish lawyer has commented that the Mining Inspectorate has not fully assessed the case regarding the protective and mitigation measures suggested by Tertiary and has instead only taken the local authority’s assessment into account.

The lawyer has recommended that Tertiary appeal the decision to the Government

Tertiary will now fully assess the decision and intends to lodge an appeal with the Swedish government in line with the advice of its Swedish lawyer

"We are disappointed that the Mining Inspectorate has taken this decision based on the application in its current form,” said managing director Richard Clemmy.

“We, together with our Swedish Lawyers, will appeal the decision to the Swedish Government and will now assess the future options available to the Company".

Quick facts: Tertiary Minerals PLC

Price: 0.2506 GBX

AIM:TYM
Market: AIM
Market Cap: £1.11 m
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