Thor signs off-take deal with CITIC for Molyhil project
Smallcap News
Thor, the mining group specialising in advancing tungsten-molybdenum and uranium projects in the Northern Territory of Australia, has struck an Off-take Agreement with CITIC Australia Commodity Trading for its Molyhil Tungsten - Molybdenum Project.
The agreement is for CITIC to take 100% of the Molybdenum and Tungsten concentrates to be produced from Molyhil.
The move comes as final development approvals for Molyhil are expected during the second quarter of 2008. It also triggers the final stage of the funding process for Molyhil.
Molyhil has a current resource of 3.73 million tonnes at 0.51% combined tungsten (WO3) and molybdenum (MoS2). The mining plan provides for the development of an open pit mining operation and a new processing facility. The mining reserve contains a total of 4.9 million pounds of molybdenum metal and 700,000 mtu's of tungsten which will be produced over the expected 5.7 year life of the open pit design.
The agreement is for CITIC to take 100% of the Molybdenum and Tungsten concentrates to be produced from Molyhil.
The move comes as final development approvals for Molyhil are expected during the second quarter of 2008. It also triggers the final stage of the funding process for Molyhil.
Molyhil has a current resource of 3.73 million tonnes at 0.51% combined tungsten (WO3) and molybdenum (MoS2). The mining plan provides for the development of an open pit mining operation and a new processing facility. The mining reserve contains a total of 4.9 million pounds of molybdenum metal and 700,000 mtu's of tungsten which will be produced over the expected 5.7 year life of the open pit design.