TNG signs vanadium MoU at Mt Peake
PERTH (miningweekly.com) – ASX-listed TNG has signed a memorandum of understanding (MoU) with metals and minerals trader Wogen Pacific for the sale and marketing of titanium products from the Mt Peake project, in the Northern Territory.
The MoU covers key aspects of a proposed life-of-mile sales and marketing agreement, and provides for the potential prefinancing of titanium products from Mt Peake.
MD Paul Burton said on Wednesday that the signing of the MoU represented an important strategic step towards completing the development of Mt Peake.
“We are delighted to have secured this MoU with Wogen, one of the world’s leading titanium trading groups, and look forward to working closely with them to secure binding sales and marketing agreements.”
With binding offtake agreements already in place for the vanadium and iron products from Mt Peake, the completion of a binding sales and marketing agreement for titanium would represent one of the key final steps towards securing project financing, Burton added.
TNG in September last year signed an offtake agreement with Korean major Woojin over 60% of the projected vanadium output from Mt Peake, and in March this year over the iron products with global commodity trader Gunvor.
The A$970-million Mt Peake project will be developed in two stages, with Stage 1 comprising a three-million-tonne-a-year operation, expanding to six-million tonnes a year in Stage 2, after four years of production. The project is expected to produce an average of 17 560 t/y of vanadium oxide, 236 000 t/y of titanium dioxide and a further 637 000 t/y of pig iron.
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