TNG secures mineral leases for Mount Peake, opens door to pursue financing
Date: Nov 21, 2018
TNG Limited (ASX: TNG) has secured the mineral leases for its wholly-owned flagship Mount Peake vanadium–titanium-iron project in the Northern Territory, with this latest milestone clearing the way for the company to pursue project development financing.
The mineral leases cover where the Mount Peake open pit mine will be located, as well as associated infrastructure including processing plant, camp site and rail loading facilities.
This latest milestone follows TNG reaching agreement with native title landholders back in August and gaining environmental approvals from state and federal governments earlier in the year.
According to TNG managing director Paul Burton, the mineral leases afford the company security of tenure, and pave the way for TNG to advance discussions with potential project financiers.
“We are rapidly ticking off the boxes towards the Mount Peake development, with key announcements over the past few months including the signing of a native title agreement, the signing of a binding term sheet for titanium offtake with Swiss commodity trader DKSH, and now the formal award of the Mount Peake mineral leases by the NT Government,” Mr Burton added.
