LONDON (Alliance News) - Tertiary Minerals PLC on Thursday said poor market conditions and a new case law in Sweden have led to delays at its most advanced project.
The fluorspar miner noted the weak conditions for both junior exploration and development companies and within the fluorspar market, which it said have held up development of the Storuman project in Sweden.
Alongside this, a new case law has been established in Sweden recently changing the way mine permits are granted, Tertiary said.
The group said it "recognises the benefit" of discovering projects which can generate profit and revenue in a shorter timescale than its current portfolio of projects, though it remains on track with the development of its current assets.
As such, Tertiary said it was evaluating a number of acquisition opportunities with near-term sustained revenue and profit potential which complement its current fluorspar assets.
Shares in Tertiary were down 23% at 0.810 pence on Thursday following the announcement.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Tertiary Minerals (TYM)