Mount Peake given preferred status
PERTH (miningweekly.com) – The Northern Territory has thrown its support behind ASX-listed TNG’s planned Mount Peake vanadium/iron/titanium project, awarding it with major project status.
TNG told shareholders on Wednesday that the award of major status provided a “whole-of-government” approach to the project, recognising it as a designated major project of significance to the region.
“Mount Peake is a large, long-life project that will bring a range of important benefits to the Northern Territory, both through its construction and during production,” said TNG MD Paul Burton.
He noted that these benefits included employment, training opportunities, royalties and benefits to indigenous communities in the region.
“We are very pleased to have received this recognition from the Northern Territory government and we look forward to working with government agencies to deliver the project for the benefit of all stakeholders.
A prefeasibility study has found that Mount Peake could be a 2.5-million-tonne-a-year operation, with a 20-year mine life. The project could be expanded to a five-million-tonne-a-year operation after the first three years, to deliver yearly production of 15 300 t of vanadium oxide, 375 000 t of titanium dioxide concentrate and 1.13-million tonnes of iron oxide.
A definitive feasibility study is currently under way and is set be completed by the first quarter of 2014.
TNG is aiming to start construction by 2014, with first production and exports slated for 2015.
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