5th Sep 2014 08:34
LONDON (Alliance News) - Thor Mining PLC Friday said it has "increasing confidence" of a positive outcome from its Molyil tungsten project, with "progress and discussions favouring development funding being secured in the near term".
"The directors are confident of continued progress across the group in the coming year. We look forward with confidence to completing the definitive feasibility study upgrade, securing project finance and then commencing development at Molyhil," Michael Billing, chairman and chief executive, said in a statement.
The mineral and development company's Molyhil project is in Australia's Northern Territory. Thor Mining on Friday said it expects to see the outcomes of the definitive feasibility study shortly.
"Directors expect that the revised definitive feasibility study, and the project's 50% longer mine life, will generate increased interest in the balance of concentrate off-take and also provide confidence for funding institutions to provide project finance," Billing said.
Thor Mining also said its consolidated pretax loss narrowed to GBP780,000 in the year to June 30 from GBP1.1 million a year earlier, as it cut back on corporate expenses.
Consolidated loss per share narrowed to 0.06 pence from 0.13p a year earlier.
However, Thor Mining's company pretax loss widened to GBP1.8 million from GBP1.5 million, as it reported a GBP164,000 unrealised loss on financial assets and an increase in impairment of subsidiary investments to GBP560,000 from GBP140,000. These items more than offset a fall in impairment of subsidiary loans to GBP706,000 from GBP776,000, and a GBP54,000 unrealised gain on financial liabilities, as well as a fall in corporate expenses to GBP404,000 from GBP499,000.
Thor Mining shares were Friday quoted up 6.9% at 0.155 pence.
By Samuel Agini; [email protected]; @samuelagini
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