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(Alliance News) - Thor Mining PLC on Friday reported a widened first half loss but said that its Molyhil tungsten project in Australia is "well positioned" despite commodity prices falling following the spread of Covid-19.
In the six months to December 31, its pretax loss stretched to GBP479,000 from GBP406,000.
Administrative expenses rose 65% to GBP66,000, with corporate costs up 2.5% to GBP344,000.
The natural resources company has sole ownership of both the Molyhil project and the Pilot Mountain tungsten project in Nevada, US. It also has a 40% stake in the Bonya project, a tungsten, copper, and vanadium asset adjacent to Molyhil.
Thor Mining said: "Copper prices moved in a range between USD5,000 a tonne and USD6,400 a tonne, with recent weakness potentially a response to coronavirus disruption.
"Tungsten pricing fell by approximately 20% early in the half year, then recovered, now sitting between USD240 per metric tonne unit to USD245 per mtu. The Molyhil project remains very well positioned with expected production costs of USD90 per mtu, at the lower end of global production costs. Molybdenum pricing has fallen recently, possibly in response to coronavirus disruption and sits in the USD9 per pound to USD10 per pound range."
Shares in Thor Mining were 19% lower at 0.19 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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