Resources round-up: Tertiary Minerals, Orsu Metals, Silvermere

Tertiary Minerals has announced the successful completion on an independent scoping study on its wholly-owned Lassedalen fluorspar project in Norway. The study indicates that an underground mine and processing plant is commercially viable.

The study projects that at a production rate of 100,000 tonnes of acid grade fluorspar concentrate per year, $325m in revenue will be generated over a 6.6-year minelife and $78m initial capital cost. Annual pre-tax cashflow in excess of $25m is predicted, with payback within 34 months of the production start date.

Orsu Metals has received approval for its Karchiga technical project in relation to the development of a mining and processing complex from the Kazakstan authorities. The approval confirms the project's compliance with the technical, economic and environmental standards of the Republic of Kazakhstan and marks an important milestone in the development of the project.

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Silvermere, an independent oil and gas company focused principally on appraisal and production opportunities in the US, has reported further progress with the tie-in of the I-1 well in its Mustang Island 818-L Field. The sub-sea tie-in has been completed and was tested last week. All sub-sea valves have been opened ready for flow and the overall installation project was substantially completed over the weekend. The firm said it was pleased to see the safe and generally smooth installation operation of the platform and expects the first gas and condensate to come ashore in the next few days.

NR