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TNG progresses Mt Peake approvals process

4th July 2013

By: Creamer Media Reporter

  

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JOHANNESBURG (miningweekly.com) – ASX-listed TNG Limited has submitted a notice of intent (NOI) for its flagship Mount Peake vanadium/iron/titanium project, marking a key step in the approvals process for the Northern Territory project.

The NOI provides formal notification to the state government and other interested parties of TNG’s intention to develop the project, which is located 235 km north-west of Alice Springs in the Arunta mineral province.

The notice provides an overview of the proposed activities, the environmental and social aspects and the proposed management strategies to be adopted by TNG in developing and operating Mount Peake.

TNG started the Mount Peake definitive feasibility study (DFS) earlier this year, after delivering a successful prefeasibility study (PFS) in 2012.

“While we have recently moved into a cost reduction mode in response to the current challenging economic conditions, we are able to continue to progress aspects of the Mount Peake project in a cost-effective and focused manner to ensure that it continues to move towards development in a timely manner. Submission of the NOI is one such important step,” MD Paul Burton commented.

He added that TNG was also continuing to progress preliminary discussions with third parties regarding opportunities to secure external funding to complete the DFS, as well as to potentially contribute a proportion of development expenditure for Mount Peake.

The project comprised a measured/indicated/inferred resource of some 160-million tonnes of magnetite-hosted vanadium, titanium and iron, which had the potential to support a profitable, long-life mining and downstream processing operation.

The 2012 PFS outlined a “robust” project capable of generating life-of-mine revenues of A$13-billion and operating cash flows of over A$5-billion during its initial 20-year life.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

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