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Share Name Share Symbol Market Type Share ISIN Share Description
Tertiary Minerals LSE:TYM London Ordinary Share GB0008854563 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.025p +7.14% 0.375p 0.35p 0.40p 0.375p 0.35p 0.35p 1,629,090 09:50:35
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.2 -2.3 -0.7 - 1.35

Tertiary Minerals PLC Storuman Project Mine Permit Update

14/01/2019 4:22pm

UK Regulatory (RNS & others)


Tertiary Minerals (LSE:TYM)
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TIDMTYM

RNS Number : 0547N

Tertiary Minerals PLC

14 January 2019

14 January 2019

Tertiary Minerals plc ("Tertiary" or "the Company")

Storuman Project Mine Permit Update

Further to the operational update provided in the RNS dated 12 December 2018, Tertiary Minerals plc, the AIM traded company building a strategic position in the fluorspar sector, has today received news from its Swedish Lawyers regarding the Exploitation (Mine) Permit re-assessment for the Company's Storuman Fluorspar Project in Sweden, summary as follows:

   --     The Swedish Mining Inspectorate ("Mining Inspectorate") has chosen to agree with the County Administrative Board of Västerbotten ("CAB") assessment and it has rejected Tertiary's application 

-- This is despite the fact that the Mining Inspectorate simultaneously states in their decision that the economic aspects point in favour of granting the exploitation concession, that a permit regarding Natura 2000-area is unnecessary, that fluorspar is included in the EU list of critical materials and that a mining establishment would mean positive socio-economic benefit for the municipality of Storuman

-- The Mining Inspectorate has however agreed with the CAB's assessment that the protective/mitigation measures suggested by Tertiary are not sufficient to enable coexistence between mining and reindeer husbandry

-- The Company's Swedish lawyer has commented that the Mining Inspectorate has not fully assessed the case regarding the protective/mitigation measures suggested by Tertiary and has instead only taken the CAB's assessment into account. It 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 it's Swedish lawyer

Commenting today, Managing Director, Richard Clemmey said: "We are disappointed that the Mining Inspectorate has taken this decision based on the application in its current form. 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".

 
 
   Enquiries 
   Tertiary Minerals plc 
   Richard Clemmey, Managing Director 
   Patrick Cheetham, Executive 
   Chairman                               +44 (0) 1625 838 679 
 SP Angel Corporate Finance LLP 
  Nominated Adviser & Broker 
  Lindsay Mair/Caroline Rowe             +44 (0) 20 3470 0470 
 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Notes to Editors

Tertiary Minerals plc (ticker symbol 'TYM') is an AIM-traded mineral exploration and development company building a significant strategic position in the fluorspar sector. Fluorspar is an essential raw material in the chemical, steel and aluminium industries. Tertiary controls two significant Scandinavian projects (Storuman in Sweden and Lassedalen in Norway) and a large deposit of strategic significance in Nevada, USA (MB Project).

CAUTIONARY NOTICE

The news release may contain certain statements and expressions of belief, expectation or opinion which are forward looking statements, and which relate, inter alia, to the Company's proposed strategy, plans and objectives or to the expectations or intentions of the Company's directors. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the control of the Company that could cause the actual performance or achievements of the Company to be materially different from such forward-looking statements. Accordingly, you should not rely on any forward-looking statements and save as required by the AIM Rules for Companies or by law, the Company does not accept any obligation to disseminate any updates or revisions to such forward-looking statements.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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January 14, 2019 11:22 ET (16:22 GMT)

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