25 May 2012

Thor strikes off-take deal

12/03/2008 Robert Tyerman

China’s state-backed investment giant CITIC has agreed to buy all the uranium and tungsten from Thor Mining’s Molyhil project Down Under.

Under this off-take agreement, CITIC Australia Commodity Trading will buy 100 per cent of the molybdenum and tungsten concentrates produced at Molyhil, in Australia’s Northern Territory, which has currently estimates of 3.73 million tonnes with 0.51 per cent of combined tungsten and molybdenum. Pricing details for this 12-month rolling agreement remain under wraps, but Thor says it can now investigate financing options to bring the £22 million Molyhil project into production.

Floated on AIM at 2p three years ago, the shares in London-based Thor soared to 20.87p a year ago before they were knocked by the decision of another Chinese group, Hunan Nonferrous Metals, to pull out of a memorandum of understanding to participate in developing Molyhil. Now 7.88p, up from 5p in January, the shares value the company at £1 million and should rally some more – provided the CITIC deal is firmer than Hunan’s and its detailed terms are not onerous.

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Sector: Mining

Companies: Thor Mining

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