The Directors of Thor Mining PLC (“Thor”) (AIM, ASX:THR) are pleased to announce receipt of a Letter of Intent from United States-based Global Tungsten & Powders Corp. of Pennsylvania(GTP), in respect of scheelite concentrate off-take arrangements for Thor’s wholly owned Molyhil tungsten project in the Northern Territory of Australia.
The Letter of Intent provides terms for a future off-take agreement, subject to successful technical and legal due diligence, and also to Thor securing necessary funding to develop the Molyhil project, including:
- Off-take for in the order of 70-75% of the annual production of scheelite concentrate from Molyhil.
- Off-take for the current 4 planned year life-time of the mine with right of first refusal to a 2 year extension term.
- A market price of the scheelite concentrate based on discounts to the London Metal Bulletin (LMB) Low Tungsten APT European free-market price¹.
¹Tungsten concentrate pricing is generally structured at a discount to the tungsten APT price reflecting the value added via the upgrade to APT.
Global Tungsten & Powders Corp. is a division of the Austria based Plansee Group, whose primary emphasis is the manufacture of tungsten and molybdenum powders. With two locations and more than 90 years of experience, GTP is a world leader in powder technology, high temperature metallurgy, and inorganic chemistry.
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