TNG secures final offtake at Mount Peake

15th October 2020 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – ASX-listed TNG has inked a binding life-of-mine offtake and marketing agreement with commodity trader Gunvor for 40% of the high purity vanadium pentoxide that will be produced at the Mount Peake vanadium/titanium/iron project, in the Northern Territory.

The agreement complements an existing offtake agreement with Korea’s WOOJIN for 60% of the proposed vanadium pentoxide production at Mount Peake.

“We are delighted to have secured the fourth and final binding life-of-mine offtake agreement for Mount Peake with Gunvor, a major commodity trader with a global footprint,” said TNG MD and CEO Paul Burton.

“The signing of this agreement, together with the existing offtake agreement with WOOJIN for vanadium pentoxide, DKSH for titanium dioxide pigment, and Vimson Group for iron oxide, is a major achievement and creates a robust commercial foundation to advance the Mount Peake project financing and development strategy.”

TNG is aiming to produce some 6 000 t/y of high purity vanadium pentoxide from its TIVAN processing facility that will be located in Darwin. The project will also produce some 500 000 t/y of iron oxide fines and up to 150 000 t/y of titanium dioxide pigment.