14th Dec 2015 10:29
LONDON (Alliance News) - Fluorspar miner Tertiary Minerals PLC on Monday said its pretax loss widened in its past financial due to an impairment booked on a the sale of an investment.
Tertiary made a pretax loss of GBP674,991 in the year to the end of September, compared to a GBP358,807 loss a year, mostly due to an impairment charge the company booked on the sale of an investment. Revenue came in at GBP181,598, compared to GBP163,136 a year earlier.
Fluorspar, a commercial term for the mineral fluorite, is a raw material used in the smelting process in the chemical, steel and aluminium industries.
The company has made progress on the approval process for the Storuman mine in Sweden and recently secured a doubling of the mineral resource estimate for the MB fluorspar project in Nevada in the US.
A fourth drill programme has now been started at the MB project, with plans to target potential higher-grade fluospar deposits and extend the western area of the site.
"It has been a year of solid progress on our key Storuman and MB fluorspar projects. We have increased our fluorspar mineral resources at MB substantially in 2015 and hope to secure the mining concession at Storuman shortly," said Managing Director Richard Clemmey.
Tertiary Minerals shares were down 19% to 1.25 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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