Molyhil Tungsten/Molybdenum Project awarded Major Project Status by Northern Territory Government
The directors of Thor Mining Plc (“Thor”) (AIM, ASX: THR) are pleased to advise that the Northern Territory Government has awarded Major Project status to the Thor Mining Molyhil tungsten/molybdenum project, held by Thor’s 100% owned subsidiary Molyhil Mining Pty Ltd.
The Chief Minister of the Northern Territory, The Honourable Michael Gunner MLA and, and the Chairman of Thor Mining, Mick Billing, announced the Project Facilitation Agreement (PFA) between the Government and the Company on Saturday 4th July.
The Company is currently pursuing project finance for the development ready Molyhil project, for which the Definitive Feasibility Study released in 2018, estimated at US$43million. The project has an estimated development time, from commencement, of 12 months.
Chief Minister The Honourable Michael Gunner MLA, commented:
“The Northern Territory is the rebound capital of Australia. We are the safest, and quickest to get back to business.
“The Territory Government’s focus is on creating jobs for Territorians – this project will support 59 ongoing jobs in Alice Springs with a further 40 jobs supported during construction.
“Attracting private investment to the Northern Territory during the COVID-19 pandemic is important as it puts the Territory in a valuable position to continue to create ongoing local jobs.
Mick Billing, Executive Chairman of Thor Mining, commented:
” We are delighted to have this level of support by the Northern Territory government for Molyhil.”
“We expect Molyhil to generate tangible and meaningful benefits to the Northern Territory, with export income and job creation in the Alice Springs area and the local communities near the project, as well as positive returns for the Company’s investors.”
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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