TNG Limited has signed a project facilitation agreement (PFA) with the government of Australia's Northern Territory for the proposed location of TIVAN Metals Refinery near Darwin, which will be developed as part of the Mount Peake Vanadium-Titanium-Iron Project.
The PFA was signed by the Northern Territory Chief Minister Michael Gunner and TNG managing director Paul Burton in Darwin.
TNG has executed a binding heads of agreement with SMS group for engineering, design and construction services of the facility.
Burton said: “The project has already been awarded 'Major Project Status' in the Northern Territory, and this agreement is a further indication of the proactive and positive approach which the Northern Territory government is adopting to help facilitate the development of this major new Australian resource project.
“The TIVAN downstream metal refinery is a key component of the overall project production and logistics chain, which will see the application of state-of-the-art processing technology to cost-effectively extract high-value vanadium, titanium and iron from the Mt Peake deposit and produce high-purity metals for export.
“The TIVAN refinery is a value-added downstream process, which we expect will bring significant economic benefits to Darwin and the Northern Territory, and help to enhance the region’s position as the development hub for Northern Australia.”
The PFA will serve as a key agreement for TNG that confirms government support for the project. This will also help in securing necessary environmental and planning approvals with land and port access.
Currently, the company is conducting multiple technical, engineering and environmental studies at the site before taking the final investment decision (FID).
To advance the project facilitation agreement, a high-level project control group has been formed that includes company officials along with Northern Territory government representatives.
After completion, the TIVAN refinery will enable the company to produce high-purity products from the Mount Peake vanadium-titanium-iron deposit, which is situated about 235km north-west of Alice Springs.
The company expects to produce 17,560t of vanadium pentoxide, 236,000t of titanium dioxide (pigment) and 637,000t of iron for export annually.
Image: Conceptual view of the proposed metal refining plant in Darwin. Photo: courtesy of TNG Limited.