PERTH (miningweekly.com) – The Northern Territory government has granted ASX-listed TNG mineral leases for its Mt Peake vanadium/titanium/iron project.
The four mineral lease tenements cover the proposed openpit mine, the associated mine and plant infrastructure, the camp site, and the rail loading facility area.
“TNG’s new mine will create new, direct jobs for territorians, as well as create flow-on effects for territory business by providing opportunities for new contracts and new tenders,” said Primary Industry Minister Ken Vowles.
He noted that Mt Peake had the potential to create 500 jobs during construction and 175 to 250 ongoing roles during operation.
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.
Subject to approvals, TNG expects construction of the refinery to begin in 2020.
TNG MD Paul Burton said on Wednesday that the grant of mineral leases for Mt Peake was a major milestone in the approval and development process for the mining and processing operation, providing TNG with security of tenure, allowing it to proceed with the overall financing package required to underpin the project’s development.
“We are rapidly ticking off the boxes towards the Mt 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 Mt Peake mineral leases by the Northern Territory government,” said Burton.
“With these important milestones now complete, we will be squarely focused on moving ahead with project financing negotiations.”