Tertiary Minerals trips after delaying Swedish fluorspar project

Shares in Tertiary Minerals fell as the explorer said there had been development delays to its most advanced fluorspar project in Sweden.

The company, which is aims to develop 100% owned fluorspar projects from discovery towards commercial production, said that the Storuman project has been delayed due to poor stock markets conditions for junior exploration companies and a continued poor global market conditions for fluorspar.

AIM-listed Tertiary said that a recent new case law established in Sweden is changing the way mine permits are granted, which has also contributed to the delay.

The company said that while it remains on track with its fluorspar strategy, it “recognises the benefit of finding projects capable of generating revenue and profits in a shorter timescale than is achievable with the current portfolio of projects”, and it is now evaluating a number of complementary projects for acquisition with near term sustained revenue and profit potential.

Managing director Richard Clemmey, said: "We are pleased to have started the evaluation process on a number of acquisition opportunities with the potential to transform the company into being one with sustainable revenues in the near term and which will complement our fluorspar assets currently in development.”

Shares in Tertiary Minerals were down 15.24% to 0.89p at 0920 GMT.