TNG Signs MOU with Downer for Mount Peake Development

TNG Ltd. (ASX:TNG) announced that it’s signed a wide-ranging non-binding memorandum of understanding (MOU) with Downer EDI Ltd. (ASX:DOW). Under the MOU, Downer will participate in the development, construction and operation of TNG’s Northern Territory-based Mount Peake vanadium-titanium-iron project.
The companies will work together in areas including:

• Engineering, Procurement and Construction (EPC) of the Mount Peake processing plant at the mine site;
• Drilling, blasting, loading and haulage of minerals and waste materials at the mine site for the life-ofmine;
• Operation and maintenance of the processing plant at the mine site;
• Building, owning and operating all non-process infrastructure at the mine site; and
• Interfacing project infrastructure with existing rail facilities and the design, manufacture and maintenance of rolling stock and locomotives for use by the project.

Paul Burton, managing director of TNG, commented:

The MOU with Downer further expands the outstanding list of high-quality global companies who have either already agreed or are currently exploring the potential to participate in the funding and development of the Mount Peake Project.
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.

Click here to read the full TNG Ltd. (ASX:TNG) press release.