TNG calls in the capital hounds to hunt for cash
PERTH (miningweekly.com) – Strategic metals company TNG has intensified the hunt for funding to develop its Mt Peake vanadium/titanium/iron project, in the Northern Territory, by appointing independent advisory house Gresham Advisory Partners.
Gresham will assist TNG in developing the appropriate funding strategy for the Mt Peake project, with a view to optimising the funding mix and maximising the value to shareholders, the ASX-listed company reported on Tuesday.
The advisory house will also prepare financial models, identify debt and equity sources, negotiate funding terms and offtake agreements.
MD Paul Burton said the appointment of Gresham marked the beginning of an intensive phase of activity for TNG as it started detailed financing discussions.
“We have always said that the financing of Mt Peake would be achieved on a consortium basis, including participation by some of the Tier 1 strategic partners who are already closely involved in the project.”
TNG will produce an estimated 637 000 t/y of iron from the Mt Peake project from iron-oxide produced through the Tivan refinery.
A previous definitive feasibility study has estimated that a capital injection of A$970-million will be required to develop the project, which could generate a pre-tax internal rate of return of 41%, a total estimated life-of-mine cash flow of A$11.6-billion and operating cash flows of A$13.6-billion over a 17-year mine life.
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