JOHANNESBURG (miningweekly.com) – Aim-traded Tertiary is in “advanced discussions” to acquire a new fluorspar project, which will add to its existing fluorspar assets in Sweden, Norway and the US.

The company did not disclose where the project is located, but said that a technical due diligence was under way and that further details would be released in due course. The potential acquisition is understood to be a “near-term revenue generating” project.

The potential acquisition forms part of Tertiary’s quest to become a supplier of high-grade fluorspar, which the European Commission has classified as a critical raw material. The US also considers fluorspar, which is an essential material in the chemical, steel and aluminium industries, as a strategic mineral.

Tertiary is currently advancing its Storuman project, in Sweden, through the mine processing permit. However, the company, which submitted its mine permit application to authorities in mid 2014, said that the process was “slow and frustrating”.

Tertiary was granted a 25-year exploitation permit in February 2016, but the Storuman mine permit case, along with many other cases, was returned to the Swedish Mining Inspectorate for reassessment in December 2016, after the Supreme Court overturned the granting of the Norra Karr mine permit, which Leading Edge Minerals pursued. One such project stuck in the permit process is fellow Aim-listed Beowulf Mining’s Kallak North application.

Tertiary reported that the Swedish Mining Inspectorate had requested additional information from the company relating to the original environmental-impact assessment (EIA), which it provided to authorities in the form of an updated EIA.

The Mining Inspectorate has invited all stakeholders to provide comments on the application and additional information, with the current deadline for responses being October 27.

In Norway, Tertiary owns the Lassendale fluorspar project, near Kongsberg. Global aluminium company Hydro is a key landowner for the Lassedalen project. In November 2016 Tertiary and Hydro entered into heads of terms whereby Tertiary will acquire the land and historic mine workings from Hydro following successful due diligence and purchase agreement completion. The seasonal environmental testwork required as part of the due diligence has recently been completed by Niva and data review is under way. Following satisfactory data review the company is planning to progress with the technical and legal due diligence prior to taking ownership of the Hydro land position.

At the MB fluorspar project, in Nevada, Tertiary is progressing metallurgical testwork with the aim of producing a commercial grade mica project alongside commercial grade acid spar.