NT native title signed by TNG
11th October 2018
Resources Rising Stars
After a number of last minute delays, TNG has executed a critical native title agreement that will allow granting of the mining lease and subsequent development of the massive Mount Peake vanadium-titanium-iron project in the Northern Territory (reports MiningNews).
Nine weeks after it was first announced, the strategic metals company has finally signed a "landmark", but confidential, native title agreement with the Eynewantheyne Aboriginal Corporation that is structured to ensure that employment, training and other benefits will flow back to native title holders and the local community from the development of what TNG believes is a world-class metals project.
The signing follows a successful on-site meeting with native title holders and the Central Land Council in late July to end a year of negotiations, but final agreement took longer than expected given the diversity of parties and formal execution requirements, managing director Paul Burton said.
He said the agreement was a vital step to assist financing and offtake discussions now that security of tenure for the A$853 million development was assured.
Mining and ancillary leases are expected to be awarded from the NT government in the near future.
Both NT and Commonwealth environmental assessments were finalised earlier this year.
It's a spot of good news for the company that is facing a s249D notice from WWB Investment, its second-largest shareholder, which has marshalled almost 9% of shares in a bid to remove acting chairman Rex Turkington with no replacement suggested. TNG does not support the move.
TNG recently raised up to $10 million at 10.4c to India's Vimson Group, which is now its largest shareholder, and it is seeking to raise a further $5 million via a 10.9c placement via a share purchase plan to help progress the final engineering design and permitting.
It is hopeful of beginning construction of its mine next year, pending finalisation of the finance needed to support the three million tonne per annum stage one project, which is based on its proprietary TIVAN technology.
Mt Peake, about 230km north of Alice Springs, is based on a 160 million orebody grading 0.28% vanadium pentoxide, 5.3% titanium dioxide and 23% iron.
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