TNG has received a major project status from Australia’s Minister for Industry, Science and Technology Karen Andrews for the Mount Peake vanadium-titanium-iron project in the Northern Territory.
The company has also received the same project status from the Northern Territory Government.
The latest approval reaffirms Mount Peake’s potential as a significant producer of critical minerals in Australia.
TNG is targeting a production rate of 100,000 tonnes of titanium pigment, 6000 tonnes of vanadium pentoxide and 500,000 tonnes of iron oxide a year at Mount Peake.
It will be developed across two sites in the Northern Territory, with a mine and processing facility life of 37 years.
The Mount Peake project is expected to deliver new infrastructure in the state, including a beneficiation plant, processing facility and utilities infrastructure.
“Mount Peake is a world-class project which is set to deliver critical minerals required for the growing demand from the renewable energy sectors from Australia to global markets for many decades to come,” TNG managing director Paul Burton said.
“Securing the support and involvement of the Australian Government … will assist in ensuring certainty of process for the remaining permitting and approvals required both for the Mount Peake mine site and the Darwin TIVAN processing facility…”
TNG is progressing a FEED study with German-based SMS group ahead of delivering an engineering procurement construction proposal.
The company anticipates the project will create around 1600 jobs during construction and up to around 1000 long-term jobs during the mine operation.
TNG has been developing the TIVAN technology for use in the processing facility to overcome the limitations of conventional processing of titanomagnetite in extracting value.
The company is also working with SMS to apply a carbon-neutral hydrogen production technology to TIVAN.