TNG has been granted environmental approval for the mine site at its Mount Peake vanadium-titanium-iron project, 230km from Alice Springs in the Northern Territory.
Josh Frydenberg, the Federal Minister for Environment and Energy, granted the approval last Friday, allowing TNG to progress past the environmental impact assessment (EIA) stage and move on to finalising its mine management plan (MMP).
The company is currently seeking financing for an $853 million development that includes an open pit mine, onsite concentrator with a capacity for 3 million tonnes a year (3Mt/y) — with room for expansion to 6Mt/y in phase two — to be linked by rail to a hydrometallurgical refinery in Darwin. The project is valued at $4.7 billion, according to TNG’s feasibility study released last year, providing a potentially significant boost for the NT economy.
TNG managing director Paul Burton called the environmental approval a significant milestone for the project, and cited outstanding performance for the company’s key metals over the past 12 months, particularly vanadium and titanium.
“We are absolutely delighted that the long-running environmental impact assessment process for the Mount Peake mine and infrastructure component is now completed,” he said.
“We will now proceed to seek to finalise the mining agreement with the CLC [Central Land Council] as soon as possible and secure our mining lease, which in turn clears the way for site-based construction activities to commence. In parallel, we have a number of financing and off-take discussions progressing.”