Last checked at 9 May 2012 07:00
www.tertiaryminerals.com
("Tertiary" or "the Company")
9 May 2012
BOARD APPOINTMENT - OPERATIONS DIRECTOR
Tertiary, a diversified mineral explorer and developer building a significant strategic position in the fluorspar sector, is pleased to announce the appointment of Richard Clemmey to the Board as Operations Director with immediate effect.
As Operations Director, Richard will be primarily responsible for the Company's two Scandinavian fluorspar projects - Storuman in Sweden and Lassedalen in Norway. Today's news follows the 1 September 2011 appointment of Richard as Project Manager. As highlighted within that statement, Richard brings to the Company and now the Board a demonstrable track record in mine and quarry development and operations.
A European Commission report has named fluorspar as one of its 14 'critical mineral raw materials' for which a predicted supply shortage would represent a substantial economic threat. The fluorspar market is going through a 'paradigm shift' - with China evolving from a large net exporter to a potential net importer. Tertiary is one of a limited number of listed companies offering exposure to a looming fluorspar market shortage.
Commenting on today's announcement, Patrick Cheetham, Executive Chairman, said: "Since Richard joined the Company in 2011, he has assumed full responsibility for our fluorspar projects in Sweden and Norway and we look to Richard's skills set to take these projects through to production with a number of value-adding milestones expected in the next 12 months. The Board and I look forward to working with Richard in his new position."
ENQUIRIES:
Tertiary Minerals plc Tel: +44 (0)845 868 4580
Patrick Cheetham, Executive Chairman
www.tertiaryminerals.com
Seymour Pierce Limited Tel: +44 (0)20 7107 8000
Stewart Dickson (Corporate Finance)
Jeremy Stephenson (Corporate Broking)
Yellow Jersey PR Limited Tel: +44 (0)7768 537 739
Dominic Barretto
Additional Information
Richard Clemmey, aged 39, holds no shares in the Company and other than as set out below there is no further information to be disclosed under schedule 2(g) and Rule 17 of the AIM Rules in respect of Richard Clemmey's appointment as Operations Director of the Company.
Richard Clemmey has held no previous Directorships during the previous five years.
Background to the Company
Tertiary Minerals plc (ticker symbol 'TYM') is an AIM-quoted 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 and Tertiary now controls JORC Minerals Resources totalling nearly four million tonnes of fluorspar across its two Scandinavian projects (Storuman in Sweden and Lassedalen in Norway).
About 6 million tonnes of fluorspar are used annually, mainly in the manufacture of hydrofluoric acid (HF) and derivative fluorine chemicals including refrigerant gases (fluorocarbons), fluoropolymers (e.g. Teflon™), and aluminium trifluoride (a flux used in the reduction of alumina to aluminium). There are also a number of smaller but nonetheless important uses for fluorine - for example as LiPF6 electrolyte in Lithium-ion batteries, via UF6 in the manufacture of nuclear fuel, in petroleum cracking and in pharmaceuticals where over 50% of new drugs include fluorine in their formulations.
Tertiary is one of a few publicly traded companies offering investors strategic exposure to the little known, but critically important industrial mineral, fluorspar (CaF2), the main source of fluorine (F) for industry. The Company has diversified its risk with projects in a variety of commodities in Finland and Saudi Arabia. Shares in the Company trade on AIM.
For further information: www.tertiaryminerals.com