The Northern Territory Government has awarded Thor Mining’s Molyhil tungsten and molybdenum project with major project status.
Located 220 kilometres from Alice Springs, the development project has an estimated seven-year mine life and an estimated probable ore reserve of 3500 tonnes of tungsten.
Currently, Thor Mining is pursuing capital to fund the development-ready project, estimated at $US43 million ($61.5 million).
The Molyhil project has an estimated 12-month development time, as outlined in a definitive feasibility study released in 2018.
NT Chief Minister Michael Gunner outlined the importance of investment and development of projects in Northern Territory post-coronavirus, as “the rebound capital” of the nation.
“The Northern Territory is the rebound capital of Australia. We are the safest and quickest to get back to business,” he said.
“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.”
Thor Mining executive chairman Mick Billing said the company was delighted to have this high level of support from the local government for the Molyhil project.
“We expected the Molyhil project to generate tangible and meaningful benefits to the Northern Territory, with export income and job creation in the Alice Springs area and also for the local communities near the project, as well as positive returns for the company’s investors.”
Molyhil isn’t Thor’s only project in the area, the company also holds a 40 per cent interest in the adjacent Bonya project, which has prospective deposits of tungsten, copper and vanadium.
Thor has a royalty entitlement in the Spring Hill gold project, also in Northern Territory, and has the right to earn up to a 75 per cent interest in both a portion of South Australia’s historic Kapunda copper mine and the Moonta copper project.