Fluorspar junior Tertiary Minerals is continuing negotiations to potentially acquire a project, which has the potential to generate revenue in the near term.
Early stage due diligence and negotiations were progressing, Tertiary said on Tuesday in its operational report for the six months to March 31.
The company first flagged potential acquisition opportunities in January last year and by October, it reported that it had advanced discussions on a particular project.
Tertiary’s most advanced fluorspar development project, the Storuman project, in Sweden, has faced delays following changes in the way mine permits are granted in that country.
The company has submitted comprehensive supplementary reports and a legal statement to the Swedish Mining Inspectorate, as part of the mine permit re-assessment process. An in-depth analysis has shown that the proposed mining operations at Storuman, with mitigation measures proposed, will only have a minimal impact on reindeer husbandry.
Tertiary said that the Mining Inspectorate would assess the feedback from key stakeholders and that it was hopeful for a positive decision in the near future.