25 May 2012

New regime at Thor Mining

30/04/2008 Robert Tyerman

Australia’s Western Desert Resources has put £1.86 million into molybdenum and uranium play Thor Mining and replaced chairman John Barr.

Down Under-quoted Western Desert (WDR) has bought 16 million shares in London-based Thor for £1.52 million at the equivalent of 9.5p – more than twice today’s depressed price – and taken a much cheaper nine million share placing at the equivalent of 3.79p. That gives the Australian group 16.7 per cent of Thor, which is seeking to develop molybdenum, tungsten and uranium prospects in Australia’s Northern Territories.

John Barr has resigned as executive chairman and director of Thor, though John Young is to remain as chief executive officer. WDR director Nick Billings is assuming the chairmanship of Thor, with colleague Norman Gardner and Aussie timber manufacturer Michael Ashton joining the board as non-executive directors.

The new regime says it will cut the capital cost of developing the company’s key Molyhill project and extend the resource in the project. With Thor’s shares down in a year from 20.87p to 4.75p, valuing the company at a modest £6.6 million, shareholders can only wish the new board well.

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Sector: Mining

Companies: Thor Mining

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