Business
Government Decision - Storuman Project, Sweden
Government Decision - Storuman Project, Sweden.
About this update from Tertiary Minerals Plc
[{"type":"text","content":"\n\n7 September 2023\n \n \nTertiary Minerals plc (\"Tertiary\" or \"the Company\")\n \nGOVERNMENT DECISION\nSTORUMAN FLUORSPAR PROJECT, SWEDEN\n \nFurther to the Company's announcement yesterday, 6 September 2023, the Company is pleased to provide the following additional information:\nKey points:\n· Mining Inspectorate's 2019 decision not to grant the exploitation concession application is annulled.\n· Mining Inspectorate is instructed to re-examine its decision with specific guidance on its assessment.\n· Storuman Fluorspar Project contains combined Indicated and Inferred Mineral Resources of 27.7 million tonnes grading 10.2% fluorspar.\n· Fluorspar is considered a critical mineral by the EU and an important battery mineral used in the manufacture of LiPF6, the main salt used in lithium-ion battery electrolytes.\n \nCommenting today, Executive Chairman Patrick Cheetham said:\n\"This is a welcome decision, albeit over 4 years in the making, and it clearly provides an opportunity for the project to move forward again. The Storuman Project once underpinned a much higher market capitalisation for the Company and whilst there is no immediate intention to allocate significant resources from other projects, the re-emergence of the Storuman Project as a potential value catalyst is timely as fluorine, sourced from fluorspar, is a component in the most common electrolyte used in lithium-ion batteries today and the use of fluorine-ion batteries is under active development.\"\n \nFor more information please contact:\n\n\n\n\nTertiary Minerals plc:\n\n\n\n\nPatrick Cheetham, Executive Chairman\n\n\n+44 (0) 1625 838 679 \n\n\n\n\nSP Angel Corporate Finance LLP\nNominated Adviser and Broker\n\n\n\n\nRichard Morrison\n\n\n+44 (0) 203 470 0470\n\n\n\n\nHarry Davies-Ball\n\n\n\n\n\n\n\nPeterhouse Capital Limited\nJoint Broker\n\n\n\n\nLucy Williams\n\n\n+ 44 (0) 207 469 0930\n\n\n\n\nDuncan Vasey\n\n\n\n\n\n\n\n\n\n\n\n\n \nMarket Abuse Regulation\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withd...