Thor signs native title agreement on Molyhil project

25/10/2007 - 13:12

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West Perth-based tungsten-molybdenum miner Thor Mining Plc has signed a native title mining agreement for its Molyhil project in the Northern Territory with the Eastern Arrernte people, the company has announced.

Thor signs native title agreement on Molyhil project

West Perth-based tungsten-molybdenum miner Thor Mining Plc has signed a native title mining agreement for its Molyhil project in the Northern Territory with the Eastern Arrernte people, the company has announced.

Thor chief executive John Young said the agreement represented the final step required for the Northern Territory Government to process Thor's application for the granting of the Mining Leases at Molyhil, where it will base its mining operations.

The Company is currently in the process of finalising a Mining Reserve for the Molyhil Project, as well as an off-take and project financing agreement.

 

 

The full text of a company announcement is pasted below

- Landmark Native Title Mining Agreement signed with Eastern Arrernte indigenous people.

- Agreement clears the way for granting of Molyhil Mining Leases and project development to proceed.

- Mining Agreement structured to ensure that employment, training and other benefits from the Molyhil Project will flow back to the local community.

Thor Mining ("Thor" or "the Company" - ASX, AIM: THR) is pleased to announce that it has signed a landmark Native Title Mining Agreement for its 100%-owned Molyhil Tungsten-Molybdenum Project in the Northern Territory of Australia which will enable the Molyhil Mining Leases to be granted and the project to proceed to development.

The Agreement was signed with representatives of the community of the Eastern Arrernte people of the central Northern Territory, one of the largest indigenous groups in central Australia.

The signing follows the completion of an Indigenous Land Use Agreement in 2002 for exploration in the area. A meeting with the Traditional Owners and the Central Land Council (CLC) was held on site in March 2007, to obtain approval for the proposed location of project infrastructure for the development of the Molyhil Project.

The signing ceremony, which was held at the Molyhil Project site north-east of Alice Springs, was attended by community members as well as the Chairman of the CLC, Mr Lindsay Bookie, and the Chairman and CEO of Thor Mining, Mr John Barr and Mr John Young, together with several senior company executives.

As well as being the CLC's elected Chairman, Mr. Bookie is also a highly respected member of the Eastern Arrernte people.

Mr Young said the Company was very pleased to have achieved such a milestone and looked forward to a long-standing, mutually beneficial relationship with the Eastern Arrernte community and its members.

"We have been able to forge a constructive, open and strong relationship with the Eastern Arrernte people and we look forward to continuing to develop and enhance this relationship in the years ahead as the Molyhil Project commences operations," Mr Young commented.

"The development of this project will bring important employment and training opportunities to the local community and we will be working hard to ensure that the Traditional Owners of this region benefit from the investment that will be made," he continued.

The Mining Agreement has been structured to ensure that the community benefits directly from the proposed mining activities at Molyhil and that these benefits, which will be distributed by the CLC, are delivered back to the community and its members.

"Thor is committed to ensuring that community members are given every opportunity to benefit from the Company's proposed exploration and mining activities carried out on its land." said Mr Young.

Mr Young said the signing of the Mining Agreement represented the final step required for the Northern Territory Government to process Thor's application for the granting of the Mining Leases at Molyhil, where it will base its mining operations.

Thor is a specialty minerals exploration and development company focused on advancing tungsten, molybdenum and uranium. It is listed on the Alternative Investment Market (AIM) in London, the Australian Securities Exchange (ASX) and the Frankfurt Stock Exchange (FSE).

The Company is currently in the process of finalising a Mining Reserve for the Molyhil Project, as well as an off-take and project financing agreement. The Project is anticipated to be a 400,000tpa mining and processing operation with an initial 5-year mine life. The total investment is anticipated to be in excess of A$60 million, with the project expected to generate significant employment opportunities during construction and operation.

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