NT govt backs Mount Peake

10 March 2017

NT govt backs Mount Peake

TNG has signed a project facilitation agreement with the Northern Territory government for the $A850 million Mount Peake vanadium-titanium-iron project.
The agreement, signed by TNG managing director Paul Burton and NT Chief Minister Michael Gunner today, locks in a site near Darwin for the construction of the TIVAN refinery.

TNG shares jumped by 12.5% to 18c on the news, close to the 52-week high of 19c.

According to TNG, the agreement ensures that a “whole-of-government” approach is adopted for the development, including the facilitation of approvals, and the provision of land and port access.

The project has already been granted major project status, and could create 1700 construction jobs and 600 operational positions.

“The Territory Labor government is restoring trust in government by creating jobs and the development of major projects such as the Mount Peake vanadium-titanium-iron mine will play a critical role,” Gunner said.

A project control group has been set up comprising representatives from the government and TNG.

TNG is currently completing technical, engineering and environmental studies prior to making a final investment decision.

The TIVAN refinery, which will process ore from Mount Peake, is slated to produce 17,560 tonnes of vanadium pentoxide, 236,000t of titanium dioxide and 637,000t of iron per annum.

“The TIVAN downstream metal refinery is a key component of the overall project production and logistics chain, which will see the application of state-of-the-art processing technology to cost effectively extract high-value vanadium, titanium and iron from the Mount Peake deposit and produce high-purity metals for export,” Burton said.

Also present at today’s signing ceremony was Herbert Weissenbaeck, MD of global engineering for SMS Group.

Last month, TNG and SMS signed a heads of agreement for the potential financing and construction of the TIVAN refinery.

SMS has been involved with the project and its design since 2011.

Weissenbaeck said meetings with the government had been “very constructive” and he looked forward to the project moving forward.

Also receiving NT government backing today was Verdant Minerals, whose 1.1 billion tonne Ammaroo phosphate project was granted major project status, boosting its shares by 13.5% to 4.2c.

SOURCE: http://www.miningnews.net/people-policy/government/nt-govt-backs-mount-p... published 09/03/17

Publish Date: 
Friday, March 10, 2017 - 12:45
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