The March 2017 quarter saw further strong progress on several fronts for TNG Limited (ASX: TNG – “TNG” or “the company”), with the environmental approvals process for the company’s flagship 100%‐owned Mount Peake Vanadium‐Titanium‐Iron Project in the Northern Territory now nearing completion following the submission of the supplement to the environmental impact statement and the signing of a landmark Project Facilitation Agreement (PFA) with the Government of the Northern Territory for the proposed location site for the TIVAN™ Metals Refinery.
In addition, the Company completed the spin‐out of its non‐core base metal exploration assets in the Northern Territory into a new company, Todd River Resources. Todd River completed a fully‐subscribed $6 million Initial Public Offer (IPO) during the quarter, with TNG retaining significant exposure to its strong growth profile and outstanding pipeline of assets via a cornerstone shareholding. With Mount Peake now moving into the final stages of permitting and financing activities gathering momentum, the restructure of the TNG Group via the Todd River demerger and IPO will ensure that shareholders have exposure both to the emerging strategic metals production opportunity at Mount Peake and the highly prospective zinc and base metals exploration portfolio in the Northern Territory at an opportune time in the zinc market.
Mount Peake Vanadium‐Titanium‐Iron Project (NT)
- Environmental approvals process has moved into its final stages, with the Supplement to the Environmental Impact Statement (EIS) for the mine site component of the Mount Peake Vanadium‐Titanium‐Iron Project submitted to the Northern Territory Environment Protection Authority (NTEPA).
- Landmark ‘Project Facilitation Agreement’ signed with the NT Government, providing certainty of process allowing TNG to secure tenure over the proposed site for the downstream TIVAN™ refinery, which will produce high quality vanadium, titanium and iron products for export.
- Agreement reflectsthe support of the NT Government for the development of the Mount Peake Project, with relevant NT Government departments to assist TNG in progressing Mount Peake to development.
- Technical, engineering and environmental studies underway prior to a Final Investment Decision (FID).