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Thor Mining says Molyhil project given major backing by government of Northern Territory

A definitive feasibility study for Molyhil shows that it will offer a robust economic return

Thor Mining PLC -

Thor Mining PLC (LON:THR) (ASX:THR) said its Molyhil tungsten project has been awarded Major Project status by the government of the Northern Territory in Australia.

The chief minister of the Northern Territory, the Honourable Michael Gunner MLA and Thor Mining chairman, Mick Billing, announced a Project Facilitation Agreement (PFA) between the government and the company on Saturday, July 4.

The company is currently pursuing US$43mln in project finance for the development-ready Molyhil project.

In a statement, Gunner commented: "The Northern Territory is the rebound capital of Australia. We are the safest, and quickest to get back to business. The Territory government's focus is on creating jobs for Territorians - this project will support 59 ongoing jobs in Alice Springs with a further 40 jobs supported during construction.”

Billing was equally positive. "We expect Molyhil to generate tangible and meaningful benefits to the Northern Territory, with export income and job creation in the Alice Springs area and the local communities near the project, as well as positive returns for the Company's investors,” he said.

 

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Price: 0.535 GBX

AIM:THR
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Market Cap: £6.86 m
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