Thor Mining signs molybdenum offtake agreement with CITIC 12-MAR-2008 07:45
LONDON (Thomson Financial) - Thor Mining PLC said it has entered into an off-take agreement with CITIC Australia Commodity Trading Pty Ltd (CITIC) for
its Molyhil tungsten-molybdenum project in the northern territory of Australia.
CITIC will take all of the molybdenum and tungsten concentrate to be produced from Molyhil.
Thor said final approvals for the development of Molyhil are expected during the second quarter.
The Molyhil mining reserve contains a total of 4.9 mln 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.
Chief executive John Yong said the company will now move forward to finalise funding arrangements ahead of the planned commencement of construction at Molyhil as the off-take deal is now in place.
