PERTH (miningweekly.com) – The government of the Northern Territory has awarded ASX-listed Thor Mining’s Molyhil tungsten/molybdenum project Major Project status.
A 2018 definitive feasibility study estimated that the project would require a capital investment of A$69-million and would produce an annual 125 000 t/y of ore, recovering some 8 583 t of tungsten and 3 133 t of molybdenum over a mine life of seven years.
Thor executive chairperson Mick Billing on Monday said that the company was delighted to secure this level of support from the Northern Territory government.
“We expect 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.”
A final investment decision for the project is expected by the end of 2021, with construction and development slated to take place in 2022, while production would start in 2023.
Thor is currently working on project financing to develop Molyhil.
Meanwhile, Northern Territory Chief Minister Michael Gunner said on Monday that the project was a jobs jackpot for Central Australia and a clear signal that private investors saw a bright future in the territory.
“There is a long road ahead, but now is not the time to turn back. The territory government will always put jobs ahead of cuts, and we’ll always put the territory first,” he added.