TNG to Sell Melville Island Exploration Licence Application to Rio Tinto Exploration

Australian strategic metals company TNG Limited (ASX: TNG) is pleased to announce that it has reached an agreement with Rio Tinto Exploration Pty Ltd (RTX) for the sale of its 100%-owned Melville Island exploration licence application 28617 in the Northern Territory.

TNG’s Managing Director, Mr Paul Burton, said the Melville Island ELA was considered to be a non-core asset for the Company, with the divestment to RTX consistent with its focus on progressing the financing and development of its world-class Mount Peake vanadium-titanium-iron project:

“Over the past 12 months, we have demonstrated a clear intent to rationalise our portfolio consistent with our focus as an emerging international strategic metals producer.

A key step in this process was the successful demerger and IPO of our Northern Territory base metal exploration assets through Todd River Resources, and this transaction with RTX marks another step towards consolidating our minerals portfolio while retaining some exposure to the future development potential of this asset.”

Click here to read the full text release. 

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