TERTIARY Minerals, the exploration and development company with projects in the US and Scandinavia, has posted a higher interim loss, but says its prospects are positive.

The AIM firm, which has its administrative base in Macclesfield, made a loss of £236, 278 in the six months to the end of March, up from £190,469 in half one 2012.

Tertiary’s plan is to become a major producer of the mineral fluorspar, an essential raw material of fluorine in the chemical, steel and aluminium industries.

Executive chairman Patrick Cheetham said: “With fluorspar projects in Europe, and in the western USA, the company has aligned itself with the two major regions of fluorspar consumption outside of China.

“The MB Project (in Nevada) is also well positioned for exports through west-coast USA to Asia, with China forecast to become a net importer of fluorspar in the years to come.

“The board is pleased to have maintained momentum on its key projects during these challenging economic times and looks forward to the future with optimism and to updating shareholders further in due course.”