Thor Mining (ASX: THR, AIM: THR) has received a Letter of Intent from US-based Global Tungsten & Powders Corp. of Pennsylvania (GTP), regarding scheelite concentrate off-take for Thor’s Molyhil tungsten project in the Northern Territory.
Subject to due diligence and Thor securing project funding, GTP will off-take 70-75% of annual scheelite production from Molyhil over the current 4 year planned life-of-mine. GTP will also maintain first right of refusal for a 2 year extension term.
The scheelite concentrate off-take price shall be based on discounts to the London Metal Bulletin low tungsten ammonium paratungstate European free-market price.
GTP, a division of the Austrian-based Plansee Group, is a world leader in powder technology, high temperature metallurgy, and inorganic chemistry.
This development is a major milestone for the Molyhil project and will ease the process of funding negotiation.
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