25 May 2012

Resource boost for Tertiary Minerals

18/01/2012 Robert Tyerman

Fluorspar fancier Tertiary Minerals (TYM) has produced a one-million-tonne maiden resource estimate for its Lassedalen project in Norway.

The AIM-quoted company, steered by dogged executive chairman Patrick Cheetham, says the Lassedalen resource, four million tonnes holding 25 per cent fluorite (fluorspar), lifts its overall formal resource estimate, including Storuman in Sweden, 34 per cent to 3.8 million tonnes of fluorite.

Fluorspar is a commercial concentrate of the mineral fluorite and is a key raw material for the chemical, steel and aluminium industries. Cheetham claims the Lessedalen resource estimate 'further supports our ambition to become a major supplier of fluorspar in Europe'.

Tertiary has had a bumpy AIM ride since its AIM float in 1999. Starting as a Saudi Arabia-focused tantalum play and later moving into iron ore projects, the company saw its shares crumble from 30p in 2003 to 3.88p at one point during the past year.

Growth Company Investor highlighted Tertiary shares at 6.88p in 2010, later suggesting partial profit taking at 14.75p last year. Now 9.13p, they value the company at £10.8 million and could prove volatile, though possibly rewarding for risk-friendly punters.

Tags: AIM market, Fluorspar in Norway and Sweden, Iron ore, Patrick Cheetham, Tantalum

Sector: Mining

Companies: Tertiary Minerals

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