https://www.miningweekly.com

Tertiary raises cash for potential acquisitions

6th December 2017

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

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.

Edited by Creamer Media Reporter

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION