Mount Peake project in full swing: tipped to be big boost for NT economy
WORK to progress the Northern Territory’s world-class Mount Peake vanadium-titanium-iron project is full steam ahead
Northern Territory
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WORK to progress the Northern Territory’s world-class Mount Peake vanadium-titanium-iron project is full steam ahead.
The project, with an anticipated 20-year mine life, has attracted two Germany-based institutions that are putting in $10 million at 9.3c per share.
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Mount Peake’s development will be a major boost for the Northern Territory economy, leveraging off its strategic location close to existing power and transport infrastructure and an LPG pipeline.
TNG’s flagship site produces high quality and high purity metal products.
Managing director Paul Burton is upbeat about the involvement of the two major German institutions.
“Following last year’s strategic investment by Indian iron ore conglomerate, the Vimson Group, we now have a much stronger strategic and institutional presence on our register,” he said.
“This is exactly what is required and we will continue to grow as we move to put in place a multi-pronged project funding package.
“Mount Peake is a large-scale and complex project, and institutional support is therefore expected to play a critical part in securing the project equity finance.”
The vanadium-titanium-iron project, 235 kilometres north of Alice Springs, is believed to be one of the 10 biggest global vanadium projects once it reaches production.
TNG recently signed a contract with construction group McMahon Services to progress the non-process infrastructure (NPI) for Mount Peake.
The engagement encompasses the Mount Peake mine site and the Darwin Tivan processing facility.
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The agreement will be undertaken in conjunction with the front-end engineering and design study being progressed by German-based metallurgical engineering company, SMS group.
The NPI requirements for the project include haul roads, airfield upgrades, concentrate handling infrastructure, water and power infrastructure, accommodation facilities and concentrate storage.
Originally published as Mount Peake project in full swing: tipped to be big boost for NT economy
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