TNG Ltd. (ASX:TNG) announced that it has signed a letter of intent (LOI) with Korean ferrovanadium producer Woojin Ind. Co. Ltd. regarding vanadium offtake from its Australia-based Mount Peake vanadium-titanium-iron project.
As quoted in the press release:
The execution of this document follows an initial broad Memorandum of Understanding (MOU) signed between WJN and TNG in March 2014. Since then, the parties have worked closely together to develop mutual understanding and cooperation to pursue binding agreements in relation to the Mount Peake Project.
This included a visit from WJN’s Chairman, Mr In Jong Ki, and General Manager, Mr Eddie Choi, to Darwin and Perth, Australia from May 12 to 15, 2014.
The outcome of that visit was very positive and the parties have now confirmed their intention to enter into future binding agreements by committing to this Letter of Intent in relation to vanadium products to be produced from Mount Peake.