TNG mandates German bank for Mt Peake funding
PERTH (miningweekly.com) – ASX-listed TNG has mandated Germany’s KfW IPEX Bank to arrange a $600-million finance package for the Mt Peake vanadium/titanium/iron project, in the Northern Territory.
Under the mandate, KfW IPEX-Bank will structure, coordinate, lead, arrange and manage a syndicate to raise the targeted amount to underpin the project financing package.
The mandate will start on January 15.
“We are delighted to have secured a specialised world-class bank partner for a world-class project. We are extremely pleased to have achieved this outcome with KfW IPEX-Bank, which follows extensive reviews and meetings in Europe, Singapore and at the company’s head office over the past 12 months,” said TNG MD Paul Burton.
The final capital requirements for the Mt Peake project will be determined and optimised during the ongoing Mt Peake front-end engineering and design study, and during the lender’s due diligence.
Mt Peake is forecast to produce 243 000 t of high purity vanadium pentoxide, 3.5-million tonnes of titanium pigment and 10.6-million tonnes of iron oxide over a 17-year mine life.
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