Thor Mining - Handelsaussetzung in Australien!
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annual report TUNGSTEN MOLYBDENUM U R A N I UM Company Information Directors Michael Billing Gregory Durack Michael Ashton Norman Gardner Company Secretary Stephen Ronaldson Laurie Ackroyd Registered Office 3rd Floor 55 Gower Street London WC1E 6HQ Australian Office Level 1, 26 Greenhill Road Wayville, South Australia 5034 Telephone: +61 (0) 8 8177 8850 Fax: +61 (0) 8 8272 2838 Shareholder Enquiries corporate@thormining.com Shareholders are encouraged to register on the Company’s website to receive updates by e-mail. Website www.thormining.com Nominated Adviser and Broker Daniel Stewart & Co plc Beckett House 36 Old Jewry London EC2R 8DD United Kingdom Telephone: +44 (0) 20 7776 6550 Fax: +44 (0) 20 7796 4648 Auditors Chapman Davis LLP 2 Chapel Court London SE1 1HH Solicitors United Kingdom Ronaldsons LLP 3rd Floor 55 Gower Street London WC1E 6HQ Australia Watsons Lawyers Ground Floor, 60 Hindmarsh Square Adelaide, South Australia 5000 Locations of Share Registrars United Kingdom Computershare Investor Services plc PO Box 82 The Pavilions, Bridgewater Road Bristol BS99 7NH Telephone: +44 (0) 870 703 0028 Fax: +44 (0) 870 703 6116 Australia Computershare Investor Services Pty Ltd GPO Box 182 Perth Western Australia 6840 Telephone: +61 (0) 8 9323 2000 Fax: +44 (0) 8 9323 2033 Registered Number United Kingdom 05276414 Australia 121117673 (Executive Chairman) (Non-Executive Director) (Non-Executive Director) (Non-Executive Director) (United Kingdom) (Australia) Contents Chairman’s Statement Chief Executive officer’s Review Directors’ Report Corporate Governance Statement Independent Auditors’ Report Consolidated Income Statement Balance Sheet Consolidated Cash Flow Statement Statement of Changes in Equity Notes to the Accounts ASX Additional Information 2 4 9 13 17 19 20 21 22 23 39 T HOR MINING PLC : ANNUAL REPORT 2009 PAGE : 1 THOR PAGE : 2 Thor is a mineral exploration and development company chairm an’s statement focussed on advancing molybdenum and tungsten projects in the Northern Territory of Australia Michael Billing Chairman Thor Mining PLC The 2009 financial year has been challenging for your company, enduring market conditions which can only be described as difficult. The financial year started with metal prices at or near record highs although the collapse of financial markets was setting the near term tone.
Within a few months, metal prices followed debt and equity markets and the resource industry generally was in a very difficult period. In particular for Thor Mining PLC the price of tungsten and molybdenum, the principle products from our Molyhil flagship operation, were seriously ....
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Company Profile
About Thor Mining PLC
Phone: (08) 9327 0900
Fax: (08) 9327 0901
GIGS : Materials
Shares on Issue : 149470000
Profile: Thor Mining PLC is an Australia-based company that is principally engaged in the exploration for, and development of molybdenum, tungsten and uranium deposits in the Northern Territory of Australia. The molybdenum and tungsten assets include the Molyhil Molybdenum-Tungsten Project (Molyhil), which has completed a definitive feasibility study (DFS), and Hatches ...
Activities: Exploration of various mineral and energy projects.
Ende März/Anfang April sollen Bohrergebnisse kommen - evtl. ein gutes Anzeichen!?!?!?
Thor Mining directors boost their holdings in company - http://t.co/GQbSfwJ
9:51 am by Giles Gwinnett
In total five directors bought 8 million CDI shares on 13 July this year
Thor Mining (LON:THR, ASX,THR) told investors that a clutch of directors have increased their stake in the company, buying tax efficient shares in Australia.
In total five directors bought 8 million CDI shares on 13 July this year.
These CDI shares arose from the disposal by Western Desert Resources of unmarketable parcels remaining after an in-specie distribution of shares that Western Desert Resources previously held in Thor.
Director Michael Ashton bought 2.5 million CDI shares, priced at 2 Australian cents for a total of A$50,000. Ashton now owns a total of around 11.60 million CDI shares.
Chairman and CEO Michael Billing also bought 2.5 million CDI shares, priced at 2 Australian cents for a total cost of A$50,000. He now holds around 7.13 million CDI shares.
Director Gregory Durack bought 1.25 million CDI shares at 2 Australian cents for a total of A$25,000 on 13 July and now holds around 2.69 million CDI shares.
Norman Gardner purchased 750,000 CDI shares, priced at 2 Australian cents for a total cost of A$15,000. He now holds around 4.90 million CDI shares.
Trevor Ireland, on 13 July, bought 1 million CDI shares, at a price of 2 Australian cents for per share at a total cost of A$20,000. Ireland now holds a total of around 2.98 million CDI shares.
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http://www.thormining.com/Aim%20Asx%20Docs/...20assays%2020110725.pdf
Donnerstag, 28. Juli, 2011
Thor Mining (LON:THR, ASX:THR) told investors that it has now completed its deal to buy a stake in the Spring Hill gold project, in Australia’s Northern Territory.
In a stock exchange statement it said that it has now received notification that the final conditions for the deal have been met and it has now acquired its first 25 per cent stake in the project.
Thor has already paid AU$250,000 to the seller, Western Desert Resources, and it will now issue 40 million shares.
Thor subsequently has options to acquire more equity in the project, which would take its total stake to 80 per cent.
Once Thor has spent AU$1.5 million on exploration, providing that it is within 18 months, it will be able to acquire a further 26 per cent – taking its total stake to 51 percent. After that Thor can increase its stake, up to the full 80 percent, once it has spent a further AU$3 million on exploration, within the next 30 months.
Spring Hill hosts an indicated resource of 274,000oz gold within 3.64 million tonnes at 2.34 grams per tonne gold. Thor will assess the potential for open pit production in the near term.
Thor is planning to evaluate both the feasibility of open cut mining and a deep discovery target, between now and November.
The near surface program will include diamond and reverse circulation drilling to support the renewed resource estimate. Consultant studies will be launched to address gaps in the current scoping and pre-feasibility databases.
Deep target exploration may be preceded by a geophysical survey later this year with the objective of completing an initial drill hole of 500-600m depth.
Earlier today Thor released its quarterly update to investors on London’s AIM market.
The Australian junior has had a busy few months both operationally and on a corporate level.
Improving Tungsten prices led to a decision to re-assess the Molyhil project, which is prospective for both tungsten and molybdenum.
Importantly, however, Thor point out that although tungsten prices have increased strongly the price for molybdenum roasted concentrates has declined slightly.
The results of the Molyhil assessment are expected in October.
In the current quarter the company will carry out a two-stage drill programme that has been designed to extend the known resource and enhance resource confidence.
Firstly 6-8 holes will be drilled in stage one targeting potential southern extensions to the known mineralised lodes. Then in stage two six holes will be drilled to follow up the stage one results.
Meanwhile at the Dundas Gold project, in Western Australia, Thor has continues with its geochemical work, with an aim of identifying future drill targets.
During the quarter a total of 707 samples were collected, and a detailed flora and fauna study was carried out over the area that host the next preferred drill targets – the Algron, Bifrost, and Asgard prospects.
In the coming months Thor will continue its geochem’ work and a drill programme is expected to get underway in September or October.
Register here to be notified of future Thor Mining articles.
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CAREY Smith, an analyst with Alto Capital Research, made the understatement of the week by saying that global economic uncertainty rendered commodity price forecasting a challenge. Last Monday in this space we dealt with copper going below $US7000 a tonne as something that may happen but probably not for a while anyway. That proved a little off the mark. Once the London Metal Exchange opened on Monday, the red metal hit $US6800/tonne before clawing its way back over $US7000 by the close. It was not a good look. Copper was down again on Friday to $US6880/tonne but -- according to some analysts' comments -- there was a concerted effort to ramp up the price just before the close to see copper finish at $US7019. Another finger in the dyke. Smith was talking at the annual nickel conference in Perth and was predicting extreme volatility in prices between $US17,500/tonne and $US22,500 over the next four years. He argued that new mines would leave the market flush with nickel, but the metal's price was unlikely to fall below $US15,000/tonne for any extended period and the market would lift from 2014. Start of sidebar. Skip to end of sidebar. End of sidebar. Return to start of sidebar. It's a perilous business, this forecasting -- which is why analysts are routinely issuing revised forecasts when things don't quite work out as planned. Over the weekend it was reported that the Nikkei commodity price index had, in September, taken its biggest monthly dive since the height of the GFC. Nickel closed at $US17,600/tonne on Friday, falling by 5.7 per cent on the session. You can see the volatility of the market from the day's trading extremes, with nickel going from $US18,910 after the LME opened on Friday but at one stage touching $US17,545 -- a range of $US1365 in just one trading session. It was only in March 2007, although it seems a lifetime ago, that nickel went through $US50,000/tonne. As for the risks of sticking out your forecasting neck, it was just 18 months ago that leading British commodity forecaster Roskill saw a robust stainless steel sector in 2011 and the possibility of prices once again surging to $50,000 soon after. Back to Friday's action, and tin was also acting up, with trades varying from $US21,600/tonne to $US19,800, or a range of $US1800 in the session. The zincing feeling continues, with that metal closing at $US1860 and lead also in the dumps. Of course, there was a good deal of book squaring for the end of the quarter. With the Chinese on holiday this week, it's hard to say what might happen, but any substantial bounce seems unlikely because it would have to be predicated on news of Chinese metal buying, something that doesn't happen this week. But to put it all in perspective, we reported online during the week the comments by Fat Prophets that it was sentiment rather than any big dent in demand that was driving down copper. That applies right across the base metals complex. Brokers Intersuisse, in putting a "buy" on Morocco explorer Kasbah Resources (KAS), said they believed the tin market to be fundamental deficit but the rise in LME stocks was due to sale of inventories in China and higher production in Indonesia. "We are still believers in the tin price," they added. Meanwhile, many have been spooked by the recent selloff in gold. But we note several comments that many traders sold the metal because their gold positions were the only ones showing a profit as September 30 loomed, and they took those profits. They had nothing else to sell that would dress up their books for the quarter. Europe continues to unwind. Commentators over the weekend are calling the German bailout vote "too little, too late", Greek public servants are striking and delaying that country's rescue package and the IMF has rushed to give Romania a E675 million ($935m) "precautionary" loan as the wheels come off that EU member. It is only a matter of time before the money printing presses move into overdrive once again and gold will be back on an upward path. Minnows soldier on ON a (much) brighter note, the exploration sector is still very much on the front foot, it would appear. The big fear is that if -- at Pure Speculation we believe it's "when" -- we have a double-dip global recession, we shall see a repeat of 2008 with the junior sector and investors taking fright and pulling down the shutters. So far, though, so good, with companies pressing on with plans. Overall, juniors seem to be ramping up their drilling programs and acquiring new ground, a trend that shows the slump in share prices has not cowed them. We had better hope this continues; we need more discoveries both here and abroad. What is particularly encouraging is that many recently listed companies are getting on with the job rather than pulling in their horns. Rumble Resources (RTR), which listed three months ago, has bought two more projects in Western Australia, one gold and the other copper-gold-uranium. Another recent newcomer, Conto Resources (CNO), is expanding its ground around Leonora with applications for two more tenements. A May listing, Rift Valley Resources (RFV), has picked up the Maji Moto gold project in Tanzania, 28km south of Barrick Gold's large North Mara gold mine. The ground includes an old goldmine worked into the 1950s while small scale local miners are active on the tenements. Money managers trading on New York's Comex slashed their long positions in silver last week, but this has not deterred July-listed Silver City Minerals (SCI) which has begun drilling its Maybell silver project, 20km north of Broken Hill. An earlier hole on the ground returned 4m at 608 grams/tonne silver starting at 17m below surface. In all, it was also heartening to see that eight resources floats got away in September. Unfortunately, many of those still in the IPO queue have as listing dates that ominous term "to be advised". Among those with greater longevity, Thor Mining (THR) has started new drilling to extend mineralisation at its Spring Hill gold project just south of Darwin. The deposit was discovered around 1880 and about 20,000oz was produced. Thor's estimated resource stands at 274,000 contained ounces. Poseidon Nickel (POS) has expanded its West Australian exploration ground by another 203sq km, signing an earn-in agreement with Magma Metals (MMW) for nickel, copper and platinum metals rights on ground adjoining its advanced Windarra nickel project. Japanese show grit WHILE investors here seem to jumping at shadows, perhaps we need to adopt a little Japanese true grit. A spa resort and theme park at Fukushima reopened on Saturday after closing for seven months due to the nuclear threat. To get the guests in the mood, 28 hula dancers performed a welcoming ceremony. Bookings are reportedly heavy. And for investors in uranium stocks, it will be encouraging that new Prime Minister Yoshihiko Noda sees nuclear power as necessary for economic growth. Also, as we noted in the local papers while passing through Tokyo last week, safety checks are proceeding at several of the closed reactors in Japan -- which rather suggests they're on the path to restarting. brombyr @theaustralian.com.au
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Thor Mining (ASX:THR) has received positive early outcomes from a definitive feasibility study (DFS) on its Molyhil Tungsten and Molybdenum Project in the Northern Territory, which shows a compelling economic case for the development of the project.
The DFS, which was completed by Australasian engineering firm Proteus EPCM Engineers, highlighted potential cash operating margins of A$98 per tonne of ore processed for a phase one pit of 1.4 million tonnes of ore.
Capex is estimated at $66 million for an annual throughput of 400,000 tonnes per year and operating costs of $79 for each tonne of ore mined and processed.
Chairman Mick Billing said these are very positive early outcomes and provide Thor with a great deal of confidence in the trend results of the feasibility study.
“While much more work is required, these cost estimates, along with current metal prices, are key to the study outcomes,” he said.
“The improving commodity price for tungsten, in particular, has added value to Molyhil, and the medium term prospects for tungsten are positive.”
The current supply shortages of the metal due to export restrictions from China have seen the tungsten price skyrocket this year.
The DFS estimates a tungsten price of about US$460 (A$453) per MTU – discounted by 23%.
Other potential enhancements to the project include up to 100,000 tonnes per annum of high grade magnetite which will be mined and extracted as part of the process of producing tungsten and molybdenum concentrates. The value of any contribution from this commodity is still being assessed.
What next?
The next phase of this definitive feasibility study involves re-estimating the ore reserve and preparation of a new mining plan for the Molyhil operation.
Thor said the outcome of this work has some potential to vary both the total tonnage of ore to be mined from the Pit Phase 1 and also the grade of that ore.
Following this Thor will update the Molyhil financial model to reflect the revisions to operating parameters.
The final results of this DFS are now expected to be completed next month.
Molyhil
Molyhil lies in the centre of Australia, 220 kilometres north-east of Alice Springs. Mineralisation comprises two main south east plunging lodes of coarsely crystalline scheelite and molybdenite hosted in magnetite skarn. Mineralisation remains open down plunge.
The results of a DFS in 2007 confirmed the viability of a 400,000 tonnes per annum mining and processing operation with attractive financial outcomes.
During 2008 metal prices declined to the extent that project development was put on hold. Recent strong increases in tungsten prices along with some recovery in molybdenum prices have prompted a re-assessment of the viability of the project.
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Thor Mining Direktoren Billing und Ashton erhöhen Beteiligungen
Thor Mining (LON:THR, ASX:THR) today revealed that directors Michael Billing and Michael Ashton have increased their stakes in the business following the exercise of options.
Between them the two directors exercised more than 4 million options, gaining new shares priced at 2.625 Australian cents each.
Chairman Billing exercised 2,040,816 options for a consideration of A$53,571.42 while non executive director Ashton exercised 2,050,000 options for a total of A$53,812.50.
Subsequently, including their previous holdings, the directors now hold 1.42 per cent and 2.12 per cent of the company’s existing share capital.
Thor Mining owns an advanced tungsten/molybdenum project, called Molyhil, where the findings of a pivotal assessment are expected later in the current quarter. It also has precious and base metal exploration assets.
Earlier this month, Thor revealed that a number of parties are interested in signing off-take agreements for the future tungsten and molybdenum production from Molyhil.
These potential partners also made various proposals to provide alternative financing options for the project, it said.
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Erneute Ressourcenerweiterung vor kurzem und die DFS steht jeden Tag ins Haus...
Spannende Tage liegen vor uns!
(Leider wenig Handel in Deutschland)
http://www.proactiveinvestors.com.au/companies/...-payback-29492.html
4 Jahre Lebensdauer von Molyhill
50% über der ursprünglich geschätzten Lebensdauer
schnelle Amortisation
gute Nachrichten von Thor
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