TNG Ltd’s (ASX: TNG) flagship Mount Peake project is another step closer to development with the company revealing it had secured the Authority Certificate for the mine site from the Aboriginal Areas Protection Authority.
The Aboriginal Areas Protection Authority is an independent body in the Northern Territory, which is responsible for overseeing Aboriginal sacred sites in the region.
According to TNG, the Authority Certificate sets out conditions for using the site and carrying out any works. Proving these conditions are adhered to, the certificate provides indemnity from prosecution.
The certificate covers an indefinite period of time provided development works begin within 24 months of the certificate’s issue.
TNG managing director and chief executive officer Paul Burton said securing the Authority Certificate was another milestone as the company moves to secure full permitting for Mount Peake.
“TNG is committed to developing a sustainable project at Mount Peak – one that meets the highest possible ESG standards and which fosters and maintains a supportive long-term relationship with the Land Councils and Native Title holders in the territory.”
“This balanced and responsible approach is vital to ensuring the company’s long-term progress and success,” Mr Burton added.
Advancing Mount Peake vanadium-titanium-iron project
For several years, TNG has been advancing what it describes as its “world class” Mount Peake vanadium-titanium-iron project in the NT, with the company proposing to develop an open pit mine and processing plant.
The plant will be based in Darwin and use TNG’s proprietary TIVAN process technology which can extract all three minerals for sale into their various markets.
Earlier this month, TNG launched a $12.5 million entitlement issue to progress the project towards a final investment decision.
Funds will be used to complete the front-end engineering and design as well as securing any final requisite approvals.
TNG has appointed KfW IPEX-Bank as its lead debt advisor to arrange and structure a US$600 million debt finance to bring Mount Peake online.