Tertiary Minerals PLC Storuman Project Mine Permit Update (6353U)
13 July 2018 - 11:29PM
UK Regulatory
TIDMTYM
RNS Number : 6353U
Tertiary Minerals PLC
13 July 2018
13 July 2018
Tertiary Minerals plc ("Tertiary" or "the Company")
Storuman Project Mine Permit Update
Further to detailed information provided in the RNS dated 17
April 2018, Tertiary Minerals plc, the AIM traded company building
a strategic position in the fluorspar sector, now provides an
update on the Exploitation (Mine) Permit re-assessment for the
Company's Storuman Fluorspar Project in Sweden.
Summary:
-- The Swedish Mining Inspectorate ("Mining Inspectorate") has
now received the opinion of The County Administrative Board of
Västerbotten ("CAB") in response to the recent supplementary
reports submitted by the Company in connection with its application
for a Mine Permit.
-- Key comments:
Ø Natura 2000 area: The CAB is satisfied with the supplementary
in-depth analysis and has concluded that a supplementary Natura
2000 permit is not required.
Ø Tailings Storage Facility ("TSF"): The CAB is not satisfied
that the mitigation measures proposed by the Company enable the
co-existence of reindeer husbandry and the TSF operation. The CAB
has expressed the view that the proposed TSF location should be
protected to secure reindeer husbandry.
Ø The CAB has therefore advised against grant of the Mine Permit
in its current form.
-- The Company has now been asked to provide comments regarding
the CAB's opinion back to the Mining Inspectorate.
Commenting today, Managing Director, Richard Clemmey said: "I am
pleased that the CAB has accepted that we do not require an
additional Natura 2000 permit, which would be a costly and time
consuming process. It is however disappointing that the CAB has not
accepted the extensive mitigation measures proposed for the TSF
location. Whilst we, our Swedish consultants and our lawyers remain
of the strong opinion that the mitigation measures proposed are
more than adequate to enable the co-existence of reindeer husbandry
and the TSF operation, we, together with our consultants and
lawyers, now need to review the CAB's response in full and decide
on the best course of action in order to overcome this hurdle".
Enquiries
Tertiary Minerals plc
Richard Clemmey, Managing Director
Patrick Cheetham, Executive
Chairman +44 (0) 1625 838 679
SP Angel Corporate Finance LLP
Nominated Adviser & Broker
Ewan Leggat/Lindsay Mair +44 (0) 20 3470 0470
Background Information - Storuman Mine Permit
The Company submitted its Exploitation (Mine) Permit application
in July 2014 to the Swedish Mining Inspectorate and following an
extensive consultation process the 25-year Exploitation (Mine)
Permit was granted on 18 February 2016.
However, as a consequence of the Supreme Court's decision to
overturn the grant of a third-party mining company's Mine Permit in
the south of Sweden (Norra Karr Mine Permit - rare earth element
project, owned by Leading Edge Minerals) the government returned
the Storuman Mine Permit case, along with many other cases, back to
the Swedish Mining Inspectorate for re-assessment in December 2016.
The re-assessment is intended to consider the impact of mining in
the concession area on a wider surrounding area. Earlier in 2017
the Swedish Mining Inspectorate requested additional information
from the Company relating to the original Environmental Impact
Assessment (EIA) and the wider area. The Company provided the
additional information to the Swedish Mining Inspectorate in the
form of an updated EIA in May 2017. The additional information was
accepted by the Mining Inspectorate which subsequently invited all
stakeholders to provide comments on the application and additional
information, the deadline for responses was 27 October 2017.
In response to stakeholder responses the Swedish Mining
Inspectorate requested further detail from the Company in relation
to the impact of proposed operations on the Natura 2000 and
reindeer herding within the wider surrounding area and were granted
a deadline of 16 April 2018 to respond. Given that the level of
detail required for the wider area has changed in response to the
new case law, the Company engaged with its Swedish legal advisors,
the Swedish Mining Inspectorate and The County Administrative Board
of Västerbotten to establish the requirements prior to the work
being executed and submitted.
The supplementary reports and legal statement were submitted to
the Mining Inspectorate on 16 April 2018. Any ratification of the
grant of the mining concession will, however, be open to appeal and
the Company will therefore not spend any further money on
exploration or development of the Storuman Project until the matter
is resolved.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Notes to Editors
Tertiary Minerals plc (ticker symbol 'TYM') is an AIM-traded
mineral exploration and development company building a significant
strategic position in the fluorspar sector. Fluorspar is an
essential raw material in the chemical, steel and aluminium
industries. Tertiary controls two significant Scandinavian projects
(Storuman in Sweden and Lassedalen in Norway) and a large deposit
of strategic significance in Nevada, USA (MB Project).
CAUTIONARY NOTICE
The news release may contain certain statements and expressions
of belief, expectation or opinion which are forward looking
statements, and which relate, inter alia, to the Company's proposed
strategy, plans and objectives or to the expectations or intentions
of the Company's directors. Such forward-looking statements involve
known and unknown risks, uncertainties and other important factors
beyond the control of the Company that could cause the actual
performance or achievements of the Company to be materially
different from such forward-looking statements. Accordingly, you
should not rely on any forward-looking statements and save as
required by the AIM Rules for Companies or by law, the Company does
not accept any obligation to disseminate any updates or revisions
to such forward-looking statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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