Molyhil to deliver economic boost
“Molyhil will be a very low cost tungsten producer on a global scale.”
THOR Mining’s proposed $69 million Molyhil tungsten mine in the Northern Territory could deliver net value of $100 million and more than $500 million in revenue over its seven year mine life, according to new findings from an enhanced Definitive Feasibility Study (DFS).
The project, 220km northeast of Alice Springs, would include a simple open-cut mining operation and conventional mineral processing plant, and deliver an early payback within 18 months of first production.
Thor executive chairman Mick Billing said the upgraded Net Present Value in excess of $100 million demonstrated the substantial value the project holds for the company.
“There is further significant upside at Molyhil from expanding into potential underground mining and open-pit mining the nearby Bonya tungsten deposits, 30kms east of Molyhil,” Mr Billing said.
“Strategically, the results of the enhanced DFS are based only on Molyhil’s known mining inventory and do not include the additional upside of either potentially going underground or mining Bonya.
“Molyhil will be a very low cost tungsten producer on a global scale.”
Thor has already received environmental approval from the Northern Territory’s EPA for the project to proceed and holds agreements with traditional owners.
The company said it hoped Molyhil would begin production by early 2020.