Tertiary Minerals enters exclusivity over possible land purchase

Tertiary Minerals announced on Wednesday it has entered into a non-binding heads of terms to acquire land and historic mine workings on its Lassedalen fluorspar project in Norway from global aluminium company, Hydro.

The AIM-traded company said the purchase was subject to successful due diligence, and a 12-month period has been granted for Tertiary to complete that due diligence.

Following successful due diligence, both parties said they would agree and finalise a purchase agreement within a two month negotiation period.

Tertiary has been granted exclusivity for the full 14-month period, and confirmed an agreed purchase price of 1 Norwegian Kroner.

“The potential land acquisition represents a significant milestone for our Lassedalen fluorspar project,” said managing director Richard Clemmey.

“As well adding value to the project, the transaction strengthens the long term security of tenure and reduces future royalty exposure.”