16th Oct 2013 07:58
LONDON (Alliance News) - Thor Mining PLC Wednesday said it has been offered a concentrate off-take agreement from US company Tungsten & Powders Corp.
The tungsten and molybdenum production company with operations in Australia said that, subject to due diligence and Thor securing necessary funding, the deal would see Global Tungsten & Powders taking an order of 70%-75% of Thor's annual production of scheelite concentrate from its Molyhill site.
Thor Mining said that the deal was made at a market price for scheelite concentrate but didn't disclose financial details.
Scheelite concentrate is crystal ore developed from tungsten and is often used for gemstones.
The company said that deal would continue over the four-year life of mine and could include a possible two-year extension.
Thor Mining shares were up 7.4% to 0.290 pence, putting it among the top-ten AIM movers in early trading Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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