Metals company TNG has signed a development, construction, and mining MoU with Downer for the Mount Peake vanadium mine.
The agreement sees Downer’s introduction as a key development partner at the Northern Territory mine, where it is slated to carry out engineering, procurement, and construction of the Mount Peake processing plant; drilling, blasting, loading and haulage of overburden; operation and maintenance of the processing plant; building and operating all non-process infrastructure at the mine; and interfacing project infrastructure with existing rail facilities.
Downer has already agreed to undertake early analysis on the potential to carry out these activities.
TNG managing director Paul Barton stated the miner was delighted to bring Downer on board.
“The MoU with Downer further expands the outstanding list of high-quality global companies who have either already agreed or are currently exploring the potential to participate in the funding and development of the Mount Peake project,” Burton said.
“We are very much looking forward to working with Downer over the coming months to progress towards potentially binding agreements on some of the key areas outlined in this MoU.”
TNG has not given a valuation on the agreement.