Business
Interim Results
Interim Results.
About this update from Tertiary Minerals Plc
[{"type":"text","content":"\n RNS Number : 9828U Tertiary Minerals PLC 21 May 2008 \n \n\n\n\n\n\n\n\n\n\n\n\n \n\nTertiary Minerals plc ('Tertiary' or the 'Company')\n\n\nInterim Statement 2008\n\n\n \nChairman's Statement\n\nI am pleased to report the Company's progress and interim results for the six month period ended 31 March 2008. \n\nReview of Activities \nOur projects in Sweden and Finland have seen considerable progress in the past six months. The most significant development has been the acquisition in January this year of the Storuman fluorspar deposit in Sweden. This was defined as a multi-million tonne deposit in the 1970s and then abandoned at a time when fluorspar prices were artificially low as a result of Chinese dumping. Fluorspar , the main industrial source of fluorine for the manufacture of hydrofluoric acid and derivative fluorine chemicals, is now in critical short supply as traditional supplies from China are diverted to meet growing Chinese domestic demand. \n\nThe Company has moved quickly to evaluate the Storuman project and has recently announced the results of its initial drilling programme where fluorspar mineralisation was intersected in each of 10 holes drilled over a strike length of 2km. Whilst assay results are awaited, it is already clear that our exploration licences host a large body of fluorspar mineralisation with potential for significant extensions.\n\nA conceptual target for Storuman is a mining operation producing at least 100,000 tonnes per annum of acid grade fluorspar which currently sells in Europe for over US$300 per tonne, more than double the price some few years ago. A programme of metallurgical testwork is planned as a component of a technical and economic scoping study which the Company hopes to complete over the summer.\n\nIn Finland, at the Kolari iron project, three scout holes and the re-logging of a number of historic drill holes from the Sivakkalehto deposit have validated the potential for a substantial tonnage of near surface bulk-mineable iron mineralisation. Over the 550m strike length so far evaluated drilling has defined a coherent envelope of dissemi...