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Thor Mining’s Molyhil is “very well positioned” as a low cost tungsten project

A feasibility study confirmed Molyhil as a low cost, attractive tungsten project
It will be among the cheaper projects globally

Thor Mining PLC (LON:THR) told investors that its flagship Molyhil project, in Australia, remains “very well positioned” despite evidence of weakness in tungsten prices in previous months.

The mine development company, in its interim results statement, noted that early in its first half, tungsten price fell by around 20%, but, also highlighted that with the anticipated production cost of US$90 per metric ton unit, Molyhil is positioned in the first quartile of global projects.

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It also noted that molybdenum pricing maintained the gains made in early 2018, pitched at US$11-12 per pound.

The results statement highlighted key operational milestones, including the completion of an upgraded Definitive Feasibility Study (DFS) which confirmed Molyhil as a low cost yet attractive project, with the potential for a very early return on capital.

Thor also acquired nearby tenements, hosting outcropping tungsten deposits and a copper resource, to expand its footprint in the vicinity of Molyhil.

Elsewhere, at the company’s Pilot Mountain project a scoping study was released in September and it showed potential for a profitable 12-year mine life - a revised resource assessment further boosted the project.

In terms of financial results, the pre-revenue firm reported a £455,000 loss for the six months ended 31 December 2018.

During the period, it raised £625,623 of new capital and Thor ended the half year with £1.04mln of cash and equivalents.

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