TNG raises cash for Mt Peake development
PERTH (miningweekly.com) – ASX-listed TNG will raise A$3.5-million through a share placement to advance the development of its Mount Peake vanadium/titanium/iron project, in the Northern Territory.
The company on Tuesday said that it will place more than 24.1-million shares, at a price of 14.5c each, under the company’s existing placement capacity.
The proceeds were expected to strengthen TNG’s balance sheet, as it advances key pre-development activities at Mt Peake, including completion of final offtake arrangements, final engineering and design, and securing the overall funding package.
TNG already has binding life-of-mine (LoM) agreements in place with Woojin Metals, a memorandum of understanding with trader Wogen for LoM sales and marketing of titanium dioxide products and an agreement with trader Gunvor for iron products.
An updated feasibility estimated a capital expenditure of A$583-million to develop Mt Peake, with the TIVAN process plant expected to have a design feed capacity of 900 000 t/y of magnetite concentrate and to be expandable to 1.8-million tonnes a year.
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