- Tertiary Minerals posted a deeper annual loss after it wrote down the value of a deferred fluorspar exploration project in Sweden amid concerns about its impact on reindeers.

Pre-tax losses for the year through September amounted to £2.3m, compared to losses of £0.4m on-year, and included a £2.0 write-down on the value of the Storuman project.

A permit re-assessment process for Storuman by the Swedish Mining Inspectorate was ongoing, the company said.

Tertiary Minerals is also developing fluorspar prospects in Nevada and Norway plus some gold prospects in Finland.

'It is pleasing to see the recovery in the fluorspar market continue in 2018 but it has been a year of frustratingly slow progress for our Storuman mine permit re-assessment process,' chief executive Richard Clemmey said.

'We have made good progress in establishing that our operations will not affect the nearby Natura 2000 area and that reindeer husbandry is able to co-exist alongside the open pit mine, but we still face objections from the County Administration Board regarding the location of the tailings storage facility.'

'We, together with our Swedish consultants and legal team, strongly disagree with the CAB's position and so remain hopeful for a positive resolution of this matter.'

At 1:33pm: [LON:TYM] Tertiary Minerals PLC share price was -0.03p at 0.48p

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