TNG advances iron offtake agreement for Mt Peake
PERTH (miningweekly.com) – Strategic metals developer TNG has signed a binding term sheet with global commodities trader Gunvor for the life-of-mine (LoM) offtake of iron produced at the Mt Peake vanadium/titanium/iron project, in the Northern Territory.
TNG would produce an estimated 637 000 t/y of iron from the Mt Peake project from iron-oxide produced through the TIVAn refinery.
The company reported on Wednesday that the binding term sheet encompassed key terms for the sale of up to 60% of the iron produced from Mt Peake, including the purchase of these products on a free-on-board basis and global distribution for a fixed commission.
Based on these terms, TNG and the Singapore-based Gunvor would work to complete a final binding LoM sales and purchase offtake agreement for the Mt Peake iron products.
TNG MD Paul Burton said on Wednesday that the agreement marked another milestone for the Mt Peake project, and built on the landmark offtake agreement signed in September last year with Woojin, which covered a minimum of 60% of the vanadium products produced at Mt Peake over its 15-year mine life.
“It marks the progression of a strong relationship which we have developed over the past year, providing further potential commercial foundations for the project.
“The signing of this agreement in the current challenging global market environment is a solid achievement by our team, and is testament to the quality and robustness of the Mt Peake project.”
A definitive feasibility study, which was completed in 2015, forecast production of 17 560 t/y of high-purity vanadium pentoxide, 236 000 t/y of titanium dioxide and 637 000 t/y of pig iron.
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