Thor Mining PLC said developing the Molyhill tungsten-molybdenum project in Australia remains its main focus and that it has met with many potential financiers and partners with a view to getting the project into operation.
“The discussions have been very positive to date, however the mood is cautious in the current financial climate, “ the group said in an update for the quarter to end-December 2008.
Investigation of alternatives to reduce capital and operating costs for the project continue.
The quarter saw a fall in the selling price of molybdenum roasted concentrates from US$32 per pound to the steady state of US$10/lb. The selling prices of tungsten ammonium paratungstate (APT) have remained steady between US$235 and US$245 per metric ton unit during the same period. The outlook for both commodities continues to be optimistic with increased demand expected in the coming year, Thor said.
The metallurgical test work on the suitability of the magnetite concentrate for various applications is ongoing with positive early results and encouraging feedback from potential customers.
Source: Proactive Investor
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