TNG Limited Puts Water Extraction Licence Application For Mount Peake Project On Hold

The board of TNG Limited announced that the company’s Water Extraction Licence Application (WELA) for the Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory has been put on hold pending the outcome of the Project review that is currently underway. Following the Project review, the WELA will either be updated to include new findings in respect of the Mount Peake aquifer and borefield or withdrawn and resubmitted to reflect revised Project requirements. Further works by the company’s appointed hydrological consultant, AQ2 Pty Ltd, will continue in parallel.

The WELA was submitted to the Department of Environment, Parks and Water Security (DEPWS) Water Resources Division in April 2021 for the extraction of 1.395 Gigalitres (GL) per annum for the Hanson River Paleochannel. The purpose of the WELA was to supply water for the mine site and beneficiation plant. Understanding of aquifer characteristics has recently been updated from those presented in the WELA submission as a result of additional field surveys conducted between July and December 2022.

The identification of a perched aquifer, confirmation of the lateral extent of the aquifer within the vicinity of the Mount Peake Project and indications that the vegetation is not groundwater dependent, will enable an evaluation of the groundwater model and borefield configuration as part of the company’s overall Project review. Liaison with key stakeholders regarding the existing WELA has reinforced the importance of a collaborative approach to water use for the Mount Peake Project. The Company is committed to enhancing these relationships and working closely with stakeholders throughout the review of water licencing requirements for the Project.

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