Thor Mining eyes 'materially enhanced' returns following Molyhil feasibility study

AIM-quoted resources company Thor Mining's new definitive feasibility study on its Molyhil tungsten and molybdenum project has revealed a net present value in excess of AUD $100m.

Thor's study showed "materially enhanced financial returns", as well as the potential for the early payback of capital, as a result of process improvements and a longer operating life at the Molyhil open pit in the Northern Territory of Australia.

The group has projected finance requirements to be in the vicinity of $43m, a figure it expects to pay back within less than 18 months after the payment of royalties and taxation.

The dual-listed firm also believes there was "significant upside potential" from subsequent underground mining at Molyhil and the nearby Bonya tungsten deposit.

Thor expects total project revenue from the mine to exceed AUD $500m and an EBITDA of AUD $239m.

As of 1420 BST, Thor shares had slid 6.67% to 2.10p.