Metals company TNG has signed an agreement with global commodities trader Gunvor for the life-of-mine off-take of iron products from its Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory, Australia.

The agreement covers key terms for the sale and purchase off-take of a minimum of 60% of the iron products to be produced from Mount Peake.

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Based on the agreement terms, both TNG and Gunvor will work towards completion of the final binding life of mine sale and purchase offtake agreements for the iron products from the project.

“This agreement marks another milestone for Mount Peake, building on the landmark off-take agreement signed in September with Woojin.”

TNG managing director Paul Burton said: "This agreement marks another milestone for Mount Peake, building on the landmark off-take agreement signed in September with Woojin.

"The signing of this agreement in the current challenging global market environment is a solid achievement by our team and is testament to the quality and robustness of the Mount Peake Project.

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"We look forward to working closely with Gunvor and executing the final binding offtake sale and purchase agreements for the long term."

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This latest agreement follows the appointment of the SMS Group to develop the Tivan refinery and the Downer Group for the mine and overall project delivery, in February 2016.

TNG plans to produce about 637,000 tonnes per annum (tpa) of pig iron per annum from the iron-oxide produced from its Tivan refinery.

TNG completed a definitive feasibility study for Mount Peake in 2015 and confirmed that the project is capable of generating good returns.