Thor Mining PLC said development of its its Molyhil tungsten molybdenum project in Australia - and, in particular, financing - still continues to be a high priority.
It also continues to investigate alternatives to reduce capital and operating costs there, the group said in a quarterly update. Financing discussions have been positive to date, however the mood is still very cautious in the current financial climate.
The selling price of molybdenum roasted concentrates has reduced slightly during the quarter to end-March and showing some signs of support at US$8 per pound. The selling price of Tungsten APT has reduced slightly to between US$210 and US$225 per metric ton unit.
Demand for the commodities has increased slightly over the period, with worldwide stockpiles nearly exhausted. Demand is showing signs of improvement for the remainder of the year, as the steel industry shows increased production levels, Thor added.
In a separate statement it announced it has appointed Daniel Stewart & Co PLC as its nominated adviser and broker.
Source: Proactive Investors
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