Tertiary Minerals notes acquisition opportunities

Tertiary Minerals said that whilst it remains on track with its fluorspar strategy and the development of its fluorspar assets, it recognises the benefit of finding projects capable of generating revenue and profits in a shorter timescale than is achievable with the current portfolio of projects.

"With this in mind the company is currently evaluating a number of complementary projects for acquisition with near term sustained revenue and profit potential," it said in a statement.

It noted several factors that had resulted in delays to the development of its most advanced project, Storuman in Sweden.

These factors were poor stock market conditions for junior exploration/development companies, continued poor global market conditions for fluorspar, and a recent new case law established in Sweden changing the way Mine Permits are granted.

MD Richard Clemmey said:

"We are pleased to have started the evaluation process on a number of acquisition opportunities with the potential to transform the Company into being one with sustainable revenues in the near term and which will complement our fluorspar assets currently in development."