JOHANNESBURG (miningweekly.com) – Strategic metals company TNG plans to have a second go at the demerger of a portfolio of noncore zinc and copper assets in the Northern Territory.
The ASX-listed company originally announced the demerger in April last year and gained shareholder approval for the spin-off the following month, but shelved the plan, owing to prevailing market conditions at the time.
TNG reported on Monday that it planned to convene a shareholder meeting to reapprove the demerger, citing an improvement in market conditions for the junior resource and exploration sector.
The assets would be spun off via TNG subsidiary, Todd River Resources, which was expected to seek an ASX listing.
“Upon completion of the demerger, Todd River will have one of the largest base metals exploration footprints in the Northern Territory, with ownership of a number of advanced assets including the large Manbarrum zinc project,” TNG reported.
The other assets are the Petermans, Sandover, Mount Hardy, Walabanba, Rover, Goddards, McArthur River, Melville Island and Croker Island projects.
TNG’s core focus is the development of the Mt Peake vanadium/titanium/iron project, also in the Northern Territory.