THOR Mining’s (ASX: THR) Molyhil tungsten-molybdenum project in the Northern Territory has been granted “Major Project” status by the NT Government.
The project has an estimated seven-year mine life, with a 12-month development timeframe.
Located 220km northeast of Alice Springs, Molyhil has an estimated probable ore reserve of 3500t of tungsten, with additional deposits nearby at Bonya potentially extending the project’s operational life.
The announcement, made on July 4, sees the 100% Thor-owned project gain momentum with the company pursuing funding, estimated at US$43m, for the development-ready project.
NT Chief Minister Michael Gunner says the NT Government is focused on creating local jobs.
“The project will support 59 ongoing jobs in Alice Springs with a further 40 jobs supported during construction,” he said.
“Attracting private investment to the Northern Territory during the COVID-19 pandemic is important as it puts the Territory in a valuable position to continue to create ongoing local jobs.”
Thor Mining executive chairman Mick Billing says the company is delighted by the NT Government’s support.
“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.”
