Tertiary ‘satisfied’ with fluorspar drilling results

TERTIARY Minerals, the Macclesfield-based firm which has been drilling for fluorspar in Sweden, has announced that a report into the viability of its Storuman project is “in line with expectations”.

The definition drilling report based on 14 drilled holes at the site found wide intervals of fluorite “suitable for open pit mining” at Storuman, as well as evidence of higher grade intervals of material that could by extracted via mechanised underground mining.

Tertiary has expressed a desire to become Europe’s leading supplier of fluorspar – a material used as a source of fluorine by chemical and industrial firms as well as in car air conditioning systems.

In recent years, most fluorspar has been imported from China but opportunities have opened as the demand for fluorspar has increased and Chinese prices have spiralled. The firm has previously said that an 18-year mine life at the Storuman project could yield revenues of $616m for an upfront capital cost of $46m.

Commenting on the report, which was carried out by SRK Consulting of Sweden, the firm’s executive chairman Patrick Cheetham said: “The board is satisfied with the results being reported today. They are in line with its expectations.”

Some 46 holes have been drilled in total and a more wide-ranging study is now being embarked upon by SRK, which should complete in March.