Last checked at 14 Jan 2019 16:22
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
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+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.