TNG Ltd. (ASX:TNG) announced that it has signed a three-way memorandum of understanding (MOU) with POSCO Engineering & Construction Ltd., a Korean conglomerate, and METS Pty Ltd., its metallurgical consultants.
As quoted in the press release:
The landmark MoU encompasses completion of the Feasibility Study, potential project financing from the Korean Export Credit Agency (K-ECA) or Korean Banks, and construction and development of the Company‟s flagship 100%-owned Mount Peake Vanadium Project.
The MOU with POSCO E&C and TNG‟s metallurgical consultants METS, provides a unique combined approach to provide efficient and cost effective delivery for the Mount Peake Project, paving the way for TNG to secure POSCO E&C‟s involvement in engineering, construction, financing and developing Mount Peake in subsequent binding agreements.
The MOU brings the resources, expertise, financial capability and networks of a major global conglomerate in the resource development and construction field for the development of Mount Peake.