Adelaide-based Thor Mining says its Molyhil tungsten and molybdenum project north-east of Alice Springs “is development ready, subject to finance”.
Drilling at Molyhill.
Says Executive Chairman Mick Billing: “Our funding requirement for Molyhil and the nearby Bonya deposits is very modest.
“While market conditions for financing a new tungsten mine could currently be better, we expect this will happen in the medium term, and we are continuing to work towards that.”
Mr Billing says Thor proposes to acquire uranium and vanadium focussed American Vanadium because “the fundamentals for the uranium market are very good right now.
“Global demand during 2020 is expected to exceed supply in 2020, and importantly the US administration has initiated a program of acquiring a locally sourced stock pile of uranium fuel for its power generation needs of US$150m.”
Molybdenum is a silvery-white metal that is ductile and highly resistant to corrosion, according to livescience.com
It has one of the highest melting points of all pure elements — only the elements tantalum and tungsten have higher melting points.
Molybdenum is also a micronutrient essential for life.