Tasman Metals (CVE:TSM) (AMEX:TAS) announced Wednesday the appointment of Dr. Henning Holmström as new managing director of its Swedish operating company, Tasmet AB.
The Canadian junior rare earths explorer said that Holmström will
represent the company locally, as well as implement management’s vision
for the development of its flagship Norra Karr heavy rare earth element
project, located in Sweden.
Holmström previously was project development manager for Norra Karr,
and was key in the submission of the mining lease application for the
project announced earlier this month.
"Henning has provided great leadership for the Swedish team as we
collected the environmental data, undertook community meetings and
prepared the necessary documentation for the Mining Lease application,”
said Tasman’s president and CEO, Mark Saxon.
"As Managing Director of Tasmet AB, Henning will have a strong voice to with which to represent Tasman Metals in Swedish and European forums, as Norra Karr progresses towards development."
Holmström holds over 17 years of experience, having filled
consulting, corporate and government roles prior to joining Tasman in
Prior to Tasman, Holmström held a senior management position with
international consulting group, Golder Associates AB, as the client
sector leader of mining in Scandinavia.
also announced Wednesday the expansion of its advisory board with the
appointment of Heather White and Dr. Dag Øistein Eriksen, in response to
the rapid development of the Norra Karr project.
White is a mining engineer, with 16 years experience in Canadian and
international roles, and was mine manager for the Voisey's Bay mine in
Labrador for a two year period.
Eriksen is based in Oslo, Norway, and was previously a senior
scientist at Megon AS, renamed Extratec AS, which researched leaching
of various REE ores and developed the well known "Megon process" for the
extraction and purification of yttrium by solvent extraction.
Eriksen is expected to help Tasman in assessing various processing and separation opportunities.
company earlier this month reported that it submitted its application
for a mining lease for its heavy rare earth and zirconium Norra Karr
project in Sweden.
Norra Karr is one of the largest and most economical projects among
its peers, due to the high contribution of the high value rare earth
elements like dysprosium (Dy), yttrium (y), neodymium (Nd), and terbium
The mining lease, under the Swedish Mining Act, will be valid for 25 years, at which point it can be renewed.
Tasman said the mining lease application will take about six months
to process to completion, and is a major step prior to attaining the
actual extraction permit, which is expected in late 2014.
The company released in March a positive preliminary economic
assessment for Norra Karr, detailing a project that boasts a pre-tax net
present value in excess of $1.46 billion at a 10 per cent discount
rate, and an almost 50 per cent internal rate of return, with a payback
period of 3 years from the start of construction.
The total capital cost estimate for the project is a relatively low
$290 million over a one and a half year construction period, with the
property also boasting simple mineralogy that "allows for ambient
temperature and pressure processing", the company noted in a statement.
Norra Karr is the only NI 43-101 compliant rare earth element resource in mainland Europe.
The PEA was based on an open pittable recoverable resource of 58.1
million tonnes grading 0.59% TREO (total rare earth oxide) where 50.0
per cent of the TREO is the high value heavy rare earth oxide (HREO) and
1.70% ZrO2 (zirconium oxide) in the inferred and indicated categories.
The Scandinavian-focused miner also has the Olserum project, which it
acquired last October and is located 100 kilometres east of Norra Karr.
Last month, the rare earth explorer also acquired three new rare
earth element exploration properties in central Finland. The Korsnas
South, Siilinjarvi and Laivajoki projects are being acquired from
private Finnish company Magnus Minerals Oy.
Shares of Tasman Metals traded at $1.40 Wednesday.