According to the head of Thor Mining Mick Billing, his company could begin production of molybdenum and tungsten in the Molyhil project in the Australian state of Northern Territory for 15 months, although this will be possible only if the permit price, according to Metal Bulletin. «We have all environmental permits and agreements with the local community, and we analyzed the feasibility and estimated reserves — said Mr Billing. — On receiving an assurance of funding prior to production will take 15 months. «However, he added that the company starts to whip up the process, until prices recover to more attractive levels. «If molybdenum oxide rose to $ 25 per pound, we would be very interested. I believe that prices will continue to strengthen over the next 5−10 years «, — said Mr. Billing.
Last week, the molybdenum oxide was trading at $ 14.5−15.5 per pound compared with $ 17−17,5 a pound a week earlier.
However, an estimated Mr Billing power Molyhil «modest» and 400 thousand. Tonnes per year from tungsten and molybdenum content in the ore is 0.3% and 0.2% respectively.