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TNG signs MoU with Korean partner

TNG signs MoU with Korean partner

Photo by Bloomberg

28th March 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Vanadium developer TNG has signed a nonbinding memorandum of understanding (MoU) with Korean group WOOJIN JIN as part of its financing and development options for its flagship Mount Peake project, in the Northern Territory.

Under the MoU, the two companies would form a strategic cooperation regarding offtake, marketing, technology exchange and other mutually beneficial agreements in relation to vanadium and other products from the Mount Peake project.

Subject to the outcome of a due diligence, the two companies could enter into binding offtake agreements, as well as marketing and sales agreements.

TNG MD Paul Burton said on Friday that the MoU represented a major milestone for the company in its quest to secure significant strategy and commodity partners in financing and developing Mount Peake.

“Korea is a major advanced producer of vanadium end-products, providing a strong market for TNG’s anticipated production of high purity vanadium pentoxide. This is a further important step in the right direction for us and provides for the first time, a realistic end-user and experienced partner in the development of our major project.”

TNG was currently advancing a staged definitive feasibility study on the Mount Peake project. The company is aiming to start construction by 2014, with first production and exports slated for 2015.

Edited by Creamer Media Reporter

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