Tertiary loses Finnish JV partner
A Finnish mining business has pulled out of its joint venture with Macclesfield-based Tertiary Minerals.
In a statement to shareholders Tertiary said it had been notified by Pyhasalmi Mine Oy, a subsidiary of the Inmet Mining Corporation, that it was withdrawing from a copper-gold project in northern Finland.
Under the terms of the joint venture Inmet was exploring Tertiary’s claims at Vähäjoki for iron-oxide-copper-gold (IOCG) mineralisation at its own cost.
The company said: “The three Vähäjoki claims are being returned to Tertiary in accordance with the terms of the agreement together with all exploration data. Tertiary will evaluate this data and then consider its future exploration strategy for the prospect.
The high grade of IOCG deposits can produce extremely profitable mines. They are also often associated with other valuable trace elements such as uranium.
