JOHANNESBURG (miningweekly.com) – Aim-traded Tertiary Minerals has raised £500 000 in a share placement to fund potential acquisitions and for the ongoing development of its current fluorspar projects.
Tertiary, which is advancing projects in Sweden, the US and Norway, has shortlisted projects for potential acquisition. The company said on Wednesday that discussions were “reasonably advanced” on one particular project.
Tertiary alerted shareholders to potential acquisitions in October and, at the time, said that it was interested in a “near-term revenue generating” project.
Tertiary is aiming to be 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.
Last week, Tertiary announced that Possehl had committed to purchase at least 70% of commercial grade acid-spar to be produced at its projects. Possehl also agreed to provide prefinancing to assist Tertiary in meeting working capital and capital investments needs for its Storuman project, in Sweden, and the MB project, in the US.
At the Storuman project, Tertiary has applied for an exploitation permit. However, the Swedish Mining Inspectorate has requested additional information, which the company said it was busy preparing.