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TNG (ASX:TNG) - CEO & Managing Director, Paul Burton - The Market Herald
CEO & Managing Director, Paul Burton
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  • TNG (TNG) has been awarded federal major project status for its Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory
  • This status recognises the project's significance as it is expected to grow and diversify Australia's critical minerals resources
  • The project is expected to deliver substantial new infrastructure to the Northern Territory with a beneficiation plant and a TIVAN processing facility
  • Developing Mount Peake is expected to create up to 1600 jobs during construction and up to 1000 jobs during the operational phase
  • Once completed, TNG is targeting annual production of 100,000 tonnes of titanium pigment, 6000 tonnes of vanadium pentoxide and 500,000 tonnes of iron oxide
  • Shares in TNG are up 8.29 per cent and trading at 9.8 cents

TNG (TNG) has been awarded federal major project status for its Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory.

This status recognises the project's significance as it is expected to grow and diversify Australia's critical minerals resources as well as develop the economy in the NT.

Mount Peake is expected to deliver substantial new infrastructure to the Northern Territory with the likes of a beneficiation plant and a TIVAN processing facility.

The TIVAN processing facility is tipped to sit at the Middle Arm Precinct in Darwin which has been recognised as a nationally-significant investment priority area.

Crucially, the TIVAN process is 100 per cent-owned by TNG and uses a unique combination of existing hydrometallurgical and pyro processes to enable maximum extraction.

Developing Mount Peake is expected to create up to 1600 jobs during construction and up to 1000 jobs during the operational phase.

Once completed, TNG is aiming to produce 100,000 tonnes of titanium pigment, 6000 tonnes of vanadium pentoxide and 500,000 tonnes of iron oxide.

"Securing the support and involvement of the Australian Government in helping to facilitate the development of a global scale critical minerals project like Mount Peake is significant for TNG and its shareholders," CEO and Managing Director Paul Burton said.

"It will assist in ensuring certainty of the process for the remaining permitting and approvals required both for the Mount Peake mine site and the Darwin TIVAN processing facility," he added.

Shares in TNG are up 8.29 per cent and trading at 9.8 cents at 11:37 am AEDT.

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