The directors of Thor Mining Plc announced that the company has increased its equity interest in private Australian company EnviroCopper Ltd to 30%.
Thor has paid the final tranche A$185,000 in completion of the A$400,000 additional earn-in agreement, and has provided notice to ECL to exercise its right to the increase its holding. Thor is to be issued additional shares in ECL to take the equity holding to 30%, with these additional shares expected to be issued by 16 November 2020.
Mick Billing, executive chairman of Thor Mining, commented, “This additional investment in EnviroCopper represents outstanding value for Thor and Thor investors. Through EnviroCopper we hold interests in resources totalling 233,000 tonnes of copper insitu with substantial upside for copper and the potential to also extract gold. Global copper prices have improved strongly in recent weeks and, with the optimism that a COVID-19 vaccine may be available in 2021, this rebound shows signs of the acceleration which comes with economic recovery.”