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Thorium Norway AS Provides Insight into Recent Board Meeting

Thorium Norway AS Provides Insight into Recent Board Meeting

Oslo, Norway – In a recently concluded board meeting, Thorium Norway AS showcased its progressive strides in the Rare Earth Elements (REE) and Thorium landscape. Albert Aasbø Jr., the Chairman, and Øystein Asphjell delivered presentations shedding light on the company's current status, market developments, and future objectives.

Organizational Development

The establishment of a dedicated organization to monitor daily progress and collaborations is in motion, with complete functionality expected by the end of 2023.

Financial and Industrial Investments:

  • The initial involvement of international and national financial investors, state funds, private equity, and more.
  • The subsequent collaboration with industrial entities possessing long-term business models in medicine, energy, and mining.

Thorium Status

The global market for Thorium oxide powder currently stands at about 8 tonnes. Solvay Group, through its aging liquid-liquid extraction facility in LaRochelle, FR, dominates this market. Although approximately 7000 tonnes of "Thorium monazite concentrate" are produced from existing REE mines, there are no known large-scale production plans for the reactor market.

Macrotrends

  • A surge in interest for nuclear power, driven by rising energy prices and the need for independence from dominant uranium sources like Russia and China.
  • National initiatives to operationalize the Fensfield as part of the "EU Critical Raw Material Act".
  • A breakthrough in "Targeted Alpha Therapy" for cancer treatment, utilizing thorium's daughter products.

Bilfinger Collaboration

Bilfinger has been tasked to outline details related to:

  • Raw material sourcing, defining delivery formats from REE Minerals, and global production insights.
  • Product specifications in conjunction with Thor Energy, focusing on fuel-grade and medical-grade Thorium.
  • Factory feasibilities, regulatory compliance, scalability, and a preliminary financial model.

Dimensional Thoughts

  • 10% of the EU/US market translating to about 400 tonnes/year.
  • Preparing for 10% of the global market, approximated at 900 tonnes/year.
  • A potential 7000 tonnes/year based on current production of Th concentrate.

In his concluding remarks, Albert Aasbø Jr. thanked the participants and reiterated Thorium Norway AS's commitment to sustainable thorium production and its transformative application in energy and medicine.

The board meeting's resolutions further bolster Thorium Norway AS's position in the REE and thorium industry. The company continues its mission to forge meaningful partnerships, develop innovative applications, and contribute to a sustainable future.