Tungsten Ore Industry Developments-VIII

In January 2012, Thor Mining PLC (Thor) reported Indicated Resources of 3.8 Mt at 0.29% WO3 and 0.22% molybdenum disulphide (MoS2) and Inferred Resources of 0.9 Mt at 0.25% WO3 and 0.25% MoS2 for the company's Molyhil Tungsten and Molybdenum Project, 220 kilometres northeast of Alice Springs in the NT. Reserve figures for the deposit, reported in April 2012, include open cut Probable Reserves of 1.64 Mt grading 0.42% WO3 and 0.13% MoS2. Potential development of the project was hampered by the global financial crisis and a decline in international metal prices, which resulted in the company scaling back activities. Thor had signed an off-take agreement with one of China's largest State-owned companies, CITIC Australia Trading Limited. The agreement was for CITIC to take all of the molybdenum and tungsten concentrates produced from the project, but that agreement has since lapsed. The recent increase in tungsten prices has resulted in renewed interest and in mid-2012 Thor completed a positive definitive feasibility study of the deposit, with a 4-year mine life based on current reserves. Thor has been attempting to secure agreements for off-take of tungsten and molybdenum concentrates before beginning development of the deposit. The company announced in October 2013 that it had received a letter of intent from United States-based Global Tungsten and Powders Corp. to purchase between 70 and 75% of the annual production of scheelite concentrate from Molyhil. Discussions for the remaining tungsten and molybdenum concentrates are continuing. Thor Mining has indicated it is undertaking an upgrade of its feasibility study.

Tungsten Powder Manufacturer & Supplier: Chinatungsten Online - www.tungsten-powder.com
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Molybdenum News & Molybdenum Price: http://news.molybdenum.com.cn

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