TNG Limited has signed a wide-ranging three-way Memorandum of Understanding (MoU) with major Korean conglomerate POSCO Engineering & Construction and TNG’s metallurgical consultants METS, for construction and delivery of the Mount Peake Vanadium-Titanium-Iron Project in Australia’s Northern Territory.
The MoU encompasses completion of the feasibility study, potential project financing from the Korean Export Credit Agency (K-ECA) or Korean banks, and construction and development of the Mount Peake project.
The MoU provides a unique combined approach to provide efficient and cost effective delivery for the Mount Peake project, paving the way for TNG to secure POSCO E&C’s involvement in engineering, construction, financing and developing Mount Peake in subsequent binding agreements.
The MoU brings the resources, expertise, financial capability and networks of a major global conglomerate in the resource development and construction field for the development of Mount Peake. POSCO E&C is part of the POSCO Group and specializes in major project development.
The MoU follows TNG’s recent strategic agreement with one of the world’s largest ferro-vanadium producers, Korean-based WOOJIN, which is a major supplier of ferro-vanadium to POSCO Steel and other major steel manufacturers worldwide.
TNG is currently progressing the metallurgical, permitting and environmental stages of its advanced definitive feasibility study (DFS) for Mount Peake, which will be a world-class, long-life strategic metals project producing three highly valuable products - high-purity vanadium pentoxide, iron oxide and titanium dioxide (TiO2).
TNG’s managing director Paul Burton says, “We are very pleased to have the involvement of one of the world’s largest and most successful diversified steel, resource development and construction conglomerates in the development of the Mount Peake Project.
“This represents a great strategic fit for all parties and complements our existing relationship with WOOJIN under the strategic agreement announced in March. It is also consistent with our broader objective, which is to secure globally significant strategic and commodity partners to work alongside TNG in financing and developing our world-class Mount Peake project.”