Summary of the Molyhil Molybdenum project is as follows: 1. in ground reserve with a value of USD 400 million 2. Off take agreement in place with CITIC 3. Mining license approved 4. Relatively short capital payback 5. Potential for further ore at depth 6. Target �gin production�h early 2010
"In April of this year, your directors took the decision to acquire an interest in Thor Mining PLC. The principle asset of Thor is Molyhil molybdenum and tungsten project in the Northern Territory. Since then we have been actively working to reduce the capital cost of bringing that project into production and have had some success in that regard.
While the price of molybdenum has fallen in recent weeks along with global trends, we are confident that the project is sound and that development at Molyhil will commence during the next calendar year."
Summary of the Molyhil Molybdenum project is as follows:
- In ground reserve with a value of US$400m - Off�]take agreement in place with CITIC - Mining licence approved - Relatively short capital payback - Potential for further ore at depth - Target �gin production�h early 2010
Cant help but hint .. this is going to be a bargin share next yeah .
PLease DYOR and this is my view point !
THR Price at posting:
1.6¢ Sentiment: None Disclosure: Held
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