Thor Mining has received a Letter of Intent from US-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 price.
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