https://www.miningweekly.com

TNG signs MoU with Downer for Mt Peake development

23rd February 2016

By: Creamer Media Reporter

  

Font size: - +

JOHANNESBURG (miningweekly.com) – Strategic metals company TNG Limited has signed a nonbinding memorandum of understanding (MoU) with Downer EDI, which may pave the way for the engineering and services provider’s involvement in the development of the Mt Peake project, in the Northern Territory.

The two ASX-listed companies have agreed to work together on identifying opportunities for Downer’s involvement in the vanadium/titanium/iron project, TNG announced on Tuesday.

The areas of cooperation under investigation include engaging Downer for the engineering, procurement and construction of the Mt Peake processing plant; for drilling, blasting, loading and hauling minerals and waste materials at the mine site; for operating and maintaining the processing plant; for building, owning and operating all nonprocess infrastructure at the mine site; for interfacing project infrastructure with existing rail facilities and for designing, manufacturing and maintaining rolling stock and locomotives.

“The MoU with Downer further expands the outstanding list of high-quality global companies which have either already agreed or are currently exploring the potential to participate in the funding and development of the Mount Peake project,” MD Paul Burton commented in a statement.

“We are very much looking forward to working with Downer over the coming months to progress towards potentially binding agreements on some of the key areas outlined in this MoU,” he added.

The signing of the Downer MoU follows other significant milestones for the Mt Peake project, including the signing of a binding life-of-mine (LoM) offtake agreement with Korea’s WOOJIN for the offtake of vanadium products and the signing of a binding heads of agreement with global engineering giant SMS Group for the design, engineering and tendering for construction of the TIVAN downstream refinery.

The definitive feasibility study (DFS), which was completed in 2015, forecasts production of 17 560 t/y of high-purity vanadium pentoxide, 236 000 t/y of titanium dioxide and 637 000 t/y of pig iron. The DFS estimates LoM net cash flow of $11.6-billion, a pre-tax internal rate of return of 41% and a net present value of $4.9-billion.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

John Thompson
John Thompson

John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...

VISIT SHOWROOM 
Rittal
Rittal

Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.227 0.263s - 88pq - 2rq
Subscribe Now