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Mt Peake vanadium project gets approval

25 Jan 2018 13:11 GMT
Mt Peake vanadium project gets approval

Perth, 25 January (Argus) — Australian metals developer TNG has received environmental approval for the development of its Mt Peake vanadium-titanium-iron project in Northern Territory.

The approval was received from the Northern Territory Environmental Protection Authority. The company will now focus on finalising its Mine Management Plan, it said.

Mt Peake is north west of Alice Springs. Its estimated mine life is 20 years with a net present value of $4.9bn ($3.92bn). Expected project capital expenditure is A$970mn.

A feasibility study estimated that the project will produce 17,560 t/yr of vanadium pentoxide, 236,000 t/yr titanium dioxide and 637,000 t/yr high purity pig iron. This is based on an ore reserve of 40.1mn t, grading 0.42pc vanadium pentoxide, 7.99pc titanium dioxide and 27pc iron.

The project is partly based on using TNG's proprietary Tivan hydrometallurgical extraction process. It expects that construction will start in 2018.

Offtake agreements are already in place for a portion of the project's future output.