Proactive Investors - Run By Investors For Investors

TNG attracts $3.87 million to advance Mount Peake Vanadium-Iron-Titanium Project

Mount Peake is one of the largest undeveloped vanadium-titanium-iron projects in the world.
project area
The vanadium price is continuing its strong upward trajectory

TNG Ltd (ASX:TNG) has successfully raised $3.87 million via a share purchase plan (SPP) at 10.9 cents each.

The SPP was strongly supported, which reflects the positive outlook for TNG and its Mount Peake Vanadium-Iron-Titanium Project in the Northern Territory.

TNG managing director Paul Burton said: “This is an excellent result which reflects both the strength of our share register and the quality of our key asset.

“I would like to take the opportunity to thank our shareholders for their strong support.”

Project location

The Mount Peake project is located 235 kilometres northwest of Alice Springs, close to existing key power and transport infrastructure.

Mount Peake is one of the largest undeveloped vanadium-titanium-iron projects in the world with an indicated and inferred resource totalling 160 million tonnes grading 0.28% V2O5 (vanadium pentoxide), 5.3% TiO2 (titanium dioxide) and 23% iron.

TNG recently signed a binding term sheet with market expansion services provider, DKSH, to purchase, on a life-of-mine basis, up to 100% of the titanium dioxide pigment produced from the Mount Peake Project.

Vanadium price increase

Vanadium prices continued their strong upward trajectory over the September 2018 quarter and into October, with vanadium prices recently reaching 13-year highs.

The strong price momentum is underpinned by increasing demand for vanadium in China to meet new steel rebar regulations, which is coming into effect this month.

This is expected to see vanadium prices continue to rise through the December 2018 quarter.

View full TNG profile View Profile

TNG Ltd Timeline

November 16 2017
June 16 2016
May 22 2015

Related Articles

December 11 2018
MGX is focused on mining, water (including mineral extraction from brines, eg, lithium) and battery mass storage
The company also has three porphyry related projects in British Columbia in Canada
Mining operations
January 22 2019
Pantoro ended the December 2018 quarter with $20.8 million in cash and gold. The company remains debt free.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use