Tertiary Minerals PLC TYM Partners with Global Commodities Trading Group (7696X)
November 29 2017 - 2:00AM
UK Regulatory
TIDMTYM
RNS Number : 7696X
Tertiary Minerals PLC
29 November 2017
29 November 2017
Tertiary Minerals plc ("Tertiary" or "the Company")
Tertiary Minerals Partners with Large Global Commodities Trading
Group
Tertiary Minerals plc, the AIM-traded company building a
strategic position in the fluorspar sector, is pleased to announce
that it has signed a Memorandum of Understanding ("MOU") with
leading global commodities trading group, Possehl Erzkontor GmbH
& Co. KG ("Possehl"), a wholly owned subsidiary of CREMER, a
global specialist for the trade, processing and transport of
agricultural, raw, basic materials and oleochemical products,
including fluorspar.
Highlights and Key Terms:
-- Possehl and Tertiary intend to enter into a definitive
purchase and sales agreement ("Offtake Agreement") under which
Tertiary will agree to sell to Possehl and Possehl will commit to
purchase a minimum of 70% of commercial grade acid-spar to be
produced at Tertiary's three fluorspar projects
-- As a condition of the Offtake Agreement Possehl will provide
part of the pre-financing to Tertiary, where funds will be advanced
by Possehl to Tertiary to assist the Company in meeting its working
capital needs and/or its capital investment needs for the
development of its fluorspar projects
-- The MOU provides for Possehl and Tertiary to enter into an
Offtake Agreement, and pre-financing to be provided by Possehl to
Tertiary, for any of the near-term revenue generating fluorspar
acquisition targets where the Company is currently carrying out
evaluation, due diligence and discussions
-- Possehl will provide invaluable commercial and logistical
support and advice to Tertiary during the development of its
fluorspar projects as the Company works towards its production
goals and the ultimate signing of the Offtake Agreement
-- Possehl, founded in 1915 with headquarters in Lübeck,
Germany, is owned by CREMER: Founded in 1946; headquarters in
Hamburg; circa 70 branch offices and holdings worldwide; circa 1800
employees; annual revenue of >3 billion Euro; sales volume of
>10.4 million tonnes in 2016
-- The MOU will be effective from the date of execution to a
date which is one year from the commencement of first commercial
production at any of the Company's three fluorspar projects or the
date of execution by both parties of an Offtake Agreement,
whichever shall be the earlier
Commenting today, Managing Director, Richard Clemmey said: "We
are delighted to announce this strategic relationship with Possehl,
one of the worlds leading global trading groups. The relationship
represents a critical building block in our quest to becoming a
leading supplier of fluorspar to the global markets. Not only does
this provide the Company with the opportunity, and competitive
advantage, to secure long-term sales contracts with key fluorspar
end users but also access to pre-financing, which can form an
important part of the overall development funding package for our
fluorspar projects and potential future acquisitions".
Commenting today, Michael Fanger from Possehl said: "We have
enjoyed a great working relationship with Richard over the years on
various mining operations and we are excited to work with the
Tertiary management team on their fluorspar operations and believe
the combined strengths of this important relationship will bring
numerous benefits for Tertiary, Possehl and our customers".
Enquiries
Tertiary Minerals plc
Richard Clemmey, Managing
Director
Patrick Cheetham, Executive
Chairman +44 (0) 1625 838 679
SP Angel Corporate Finance
LLP
Nominated Adviser & Joint
Broker
Ewan Leggat/Lindsay Mair +44 (0) 20 3470 0470
Beaufort Securities Ltd
Joint Broker
Elliot Hance +44 (0)20 7382 8300
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).
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
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 company news service from the London Stock Exchange
END
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