THOR MINING (LSE:THR)
Thor Mining in Molyhill concentrate off-take deal
Thor Mining has received a Letter of Intent from US-based Global Tungsten & Powders Corp. of Pennsylvania(GTP) in respect of scheelite concentrate off-take arrangements for Thor's wholly owned Molyhil tungsten project in the Northern Territory of Australia.
The Letter of Intent provides terms for a future off-take agreement, subject to successful technical and legal due diligence, and also to Thor securing necessary funding to develop the Molyhil project, including:
- Off-take for in the order of 70-75% of the annual production of scheelite concentrate from Molyhil.
- Off-take for the current 4 planned year life-time of the mine with right of first refusal to a 2 year extension term.
- A market price of the scheelite concentrate based on discounts to the London Metal Bulletin (LMB) Low Tungsten APT European free-market price.
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|Bid / Ask||0.09 / 0.11|
|Day Range||0.105 / 0.105|
|52Week Range||0.08 / 0.37|
|Last Update: 14:32:50 (19/12/14)|