Moly­hil to de­liver eco­nomic boost

“Moly­hil will be a very low cost tung­sten pro­ducer on a global scale.”

The Australian Mining Review - - NEWS - JES­SICA CUM­MINS NT

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.

Im­age:Thor.

Thor’s Bonya tung­sten out­crop.

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