PERTH (miningweekly.com) – ASX-listed TNG on Monday announced a memorandum of understanding (MoU) with an unnamed vanadium redox-flow battery (VRB) manufacturer at the Mt Peake vanadium project, in the Northern Territory.
TNG told shareholders that the MoU covered a potential offtake agreement, as well as the examination of the feasibility of installing a VRB unit on site to help power the Mt Peake operation.
“We are very pleased to have secured the involvement of a leading VRB manufacturer in the evaluation and development strategy for the Mt Peake project, potentially paving the way for binding agreements both for offtake and for the supply and installation of a VRB unit on site for the supply of electricity to the mining operation,” said TNG MD Paul Burton.
He noted that an alliance with the VRB manufacturer was a strategic fit for all parties, allowing TNG to develop an integrated approach to marketing its product to the VRB market, which represented a high-growth component of the global vanadium market.
“It is also consistent with our broader objective, which is to secure globally significant strategic partners to work alongside TNG in developing our world-class Mt Peake vanadium project and its products,” Burton said.
Under the terms of the MoU, and subject to satisfactory discussions, approvals and regulatory requirements, TNG could enter into binding agreements to sell vanadium product produced from its TIVAN plant, while installing a VRB unit to supply electricity to Mt Peake.
The MoU also covered other mutually beneficial arrangements between the two companies with the aim of directly or indirectly supporting TNG’s Mt Peake development.