TNG secures iron offtake at Mt Peake
PERTH (miningweekly.com) – ASX-listed TNG has inked a term sheet for a life-of-mine offtake agreement for the entire high purity iron-ore product to be produced at the Mt Peake vanadium/titanium/iron project, in the Northern Territory.
Under the binding term sheet with Indian mining conglomerate Vimson Group, 100% of the iron product planned at Mt Peake would be purchased on a free-on-board basis for a fixed commission.
TNG is expected to produce around 500 000 t/y of iron oxide fines from its TIVAN processing facility, alongside high-purity vanadium pentoxide and titanium pigment products.
The company earlier this week signed a binding term sheet with commodity trader Gunvor over a potential 40% of the planned 6 000 t/y of vanadium pentoxide to be produced at Mt Peake.
TNG MD and CEO Paul Burton on Thursday said that the binding term sheet with the Vimson Group represented the final component of an already-impressive portfolio of tier one offtake arrangements spanning all three high-value products to be delivered from the TIVAN refinery.
“Coming hard on the heels of our recent agreement with Gunvor, the signing of this binding term sheet means that the forecast Mt Peake production is now fully under contract, strongly supporting a move into the financing and execution stage.
“Achieving this outcome in the current challenging global market environment is a solid achievement by our team and is testament to the project’s quality, scale and robustness.”
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...
VISIT SHOWROOM
For over 15 years, Lilak Aluminium, a trusted leader in architectural extrusion supply, has delivered excellence to businesses like yours.
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
