Date: Nov 22, 2018
TNG (ASX:TNG) has received another green light for its Mount Peake vanadium–titanium-iron project in Australia with the granting of mine site and infrastructure mineral leases.
Bestowed upon the company by Ken Vowles, the Northern Territory’s minister for primary industry and resources, the four leases allow TNG to move forward with financing for Mount Peake’s development.
“TNG’s new mine will create new, direct jobs for Territorians, as well as create flow-on effects for Territory business by providing opportunities for new contracts and new tenders,” Vowles said in a statement.
He added, “[t]he progress in the development of this new mine shows the Territory is a great place to invest, to work, and to do business.”
Prior to receiving these leases, TNG had gathered environmental approvals for the project from both the Northern Territory’s state government and Australia’s federal government earlier this year.
“We are rapidly ticking off the boxes towards the Mount Peake development, with key announcements over the past few months including the signing of a Native Title Agreement, the signing of a binding term sheet for titanium off-take with Swiss commodity trader DKSH and now the formal award of the Mount Peake mineral leases by the NT government,” TNG Managing Director Paul Burton said.
