TNG receives federal approval for Mount Peake vanadium project
Date: May 16, 2018
TNG has been granted environmental approval for the mine site at its Mount Peake vanadium-titanium-iron project, 230km from Alice Springs in the Northern Territory.
Josh Frydenberg, the Federal Minister for Environment and Energy, granted the approval last Friday, allowing TNG to progress past the environmental impact assessment (EIA) stage and move on to finalising its mine management plan (MMP).
The company is currently seeking financing for an $853 million development that includes an open pit mine, onsite concentrator with a capacity for 3 million tonnes a year (3Mt/y) — with room for expansion to 6Mt/y in phase two — to be linked by rail to a hydrometallurgical refinery in Darwin. The project is valued at $4.7 billion, according to TNG’s feasibility study released last year, providing a potentially significant boost for the NT economy.
