THE Northern Territory Government has awarded Major Project Status to TNG’s Mount Peake vanadium-titaniumiron project.
The classification formalises the government’s support for the project and allows TNG to move forward with securing funding from investors.
Construction of the project is scheduled to begin in the first quarter of 2014, with production starting the year after.
Mount Peake has an estimated mine life of 20 years and would deliver 15,300t of vanadium oxide, 375,000t of titanium dioxide concentrate and 1.13 million tonnes of iron oxide each year.
TNG managing director Paul Burton said he was delighted to receive support from the NT Government.
“Mount Peake is a large long-life project that will bring a range of important benefits to indigenous communities in the region,” he said.
“We are very pleased to have received this recognition from the NT Government and we look forward to working with the government agencies to deliver the product for the benefit of all shareholders.”
NT Chief Minister Adam Giles said the status was great news and provided further evidence that the Territory was “open for business”.
“The government is committed to developing the Territory’s regions by supporting projects such as Mount Peake, which creates jobs and economies in the bush,” he said.
“If it proceeds to full development, Mount Peake would be one of the largest emerging vanadium projects in the world.
“This granting of Major Project Status recognises how important the project could be to the economy.
“We look forward to working with the company as it moves through the normal feasibility and approvals process for Mount Peake.
“We are committed to ensuring this happens as smoothly as possible to help get this important project of the ground.”
Mount Peake is 235km northwest of Alice Springs and close to established power and transport infrastructure. TNG is currently engaged in a definitive feasibility study, which includes a potential two-stage
development option with a low capital cost start-up development producing magnetite concentrate.