Special Report: The significant contribution Thor’s Molyhil tungsten-molybdenum project is expected to make to the Northern Territory economy has earned it the title of “Major Project Status”.
Chief Minister Michael Gunner says Molyhil is important to the Northern Territory’s plan to quickly get its economy back on track post-COVID-19.
“The Northern Territory is the rebound capital of Australia,” he said. “We are the safest, and
quickest to get back to business.
“The Territory government’s focus is on creating jobs for Territorians — this project
will support 59 ongoing jobs in Alice Springs with a further 40 jobs supported during
“Attracting private investment to the Northern Territory during the COVID-19
pandemic is important as it puts the Territory in a valuable position to continue to
create ongoing local jobs.”
The NT government awards major project status to private sector-initiated projects that are significant, complex and have strategic impact.
The benefits for Thor Mining (ASX:THR) of Molyhil being granted Major Project Status include whole of government support, coordination and facilitation, assistance in identifying and mapping regulatory approvals, a dedicated project case manager and facilitation of engagement with the Australian government through a central and single point of contact.
The news bolstered Thor’s share price by 33 per cent on Monday.
Molyhil would produce around 125,000 metric tonne units of tungsten over an initial seven year mine-life, accounting for about 1.2 per cent of global market supply.
Thor executive chairman Mick Billing welcomed the high-level support from the NT government.
“We are delighted to have this level of support by the Northern Territory government
for Molyhil,” he told investors today.
“We expect the Molyhil project to generate tangible and meaningful benefits to the Northern Territory, with export income and job creation in the Alice Springs area and also for the local communities near the project, as well as positive returns for the company’s investors.”
The project is expected to take around 12 months to complete from the start of development, once financing is secured.
This story was developed in collaboration with Thor Mining, a Stockhead advertiser at the time of publishing.
This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.