TNG to submit Mt Peake EIS in Q1 2014
PERTH (miningweekly.com) - ASX-listed junior TNG would look to submit the environmental-impact study (EIS) on its Mount Peake vanadium project, in the Northern Territory, by the end of the first quarter of 2014.
The company had appointed consulting group GHD to complete the EIS, with field studies expected to start immediately.
The EIS would evaluate the environmental impacts of mining and processing the magnetite deposit at Mount Peake, and would include the preparation and submission of a notice of intent to the Northern Territory Department of Mines, by the end of the first quarter of this year.
The EIS would also consider the development and implementation of a surface water and groundwater monitoring programme, a flora and fauna survey, an air quality assessment, and a greenhouse-gas assessment.
TNG MD Paul Burton said on Friday that the start of the EIS at Mount Peake was a significant milestone for the development of the project, adding that it demonstrated the company’s commitment to progressing the project towards production, and to delivering shareholder value.
“The commissioning of the EIS is a key milestone that will continue to derisk the Mount Peak project development, and move our flagship asset towards production.”
A prefeasibility study found that the Mount Peake project could deliver revenues of up to A$12-billion and an operating cash flow of some A$5-billion over its 20-year life-of-mine.
The study predicted that the Mount Peake project could support a 2.5-million-ton-a-year operation, expanding to five-million tons a year after the first three years, to deliver yearly production of 15 300 t of vanadium oxide, 375 000 t of titanium dioxide concentrate, and 1.13-million tons of iron-oxide.
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