https://www.miningweekly.com

TNG secures Hyundai Steel's backing for Mt Peake

14th July 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Vanadium developer TNG has signed yet another memorandum of understanding (MoU) over its Mt Peake project, in the Northern Territory, this time with Hyundai Steel.

The ASX-listed developer reported on Monday that it had executed a MoU with the South Korean steel giant, paving the way for a potentially company-making funding, development and construction agreement for the Mt Peake project.

The MoU laid the foundation for TNG to enter into binding agreements with Hyundai Steel for the financing and development of the project, allowing the junior to become a major strategic metals house.

The two companies would negotiate the development of the Mt Peake project and other TNG projects, discuss a potential cornerstone financial investment by Hyundai in TNG, work together on project financing and negotiate long-term offtake agreements for the iron produced at the Mt Peake operation.

TNG MD Paul Burton said the MoU with Hyundai Steel marked a pivotal moment in the company’s history and was a major milestone towards financing and developing the company’s flagship asset.

“This is a breakthrough development, aligning TNG with one of the world’s largest and most successful companies which, in turn, forms part of one of Korea’s dominant industrial conglomerates.”

Burton said that along with TNG’s strategic partner, WOOJIN, the MoU gave TNG direct access to one of the largest and most successful steelmaking and industrial conglomerates in the world.

“Securing the backing of Hyundai Steel, potentially through a cornerstone investment in the company or the Mt Peake project, represents a major step forward for TNG and Mt Peake and gives us access to a powerful global conglomerate with the ability to assist us in funding and completing a definitive feasibility study (DFS) and, ultimately, financing and constructing the project.”

The MoU was the latest in a series of documents signed by TNG, which included strategic cooperation MoU’s and potential long-term offtake arrangements for products produced from the Mt Peake operation.

TNG is currently advancing a staged DFS on the Mt Peake project. The company is aiming to start construction by 2014, with first production and exports slated for 2015.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION