23rd Apr 2014 12:15
LONDON (Alliance News) - Thor Mining PLC Wednesday said that process improvements and a 13% reduction in costs are on track to significantly boost its Molyhil Tungsten project.
The Australia-based mineral and development company said that new work shows cost reductions to date of around AUD12 a tonne, a 13% easing from the USD90 a tonne in the 2012 Definitive Feasibility Study.
Thor Mining said the improvements include a 25% reduction of the ore mass to be processed, and a number of cost reduction initiatives, including savings from owner mining rather than contract, and infrastructure purchase rather than lease.
"It is hoped that these improvements will do much to both extend Molyhil's mine life and significantly improve the project's financial outcomes," said Executive Chairman Mick Billing in a statement.
Thor Mining shares were flat Wednesday early afternoon, trading at 0.200 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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