Australia’s TNG has obtained debt funding of up to A$200m ($140.3m) from export credit agency Korea Trade Insurance (K-SURE) for its Mount Peake vanadium-titanium-iron project in Northern Territory, Australia.

In this connection, the Australian resource and mineral processing technology firm has been issued a conditional letter of support from K-SURE.

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With this, the project secured a total of up to A$800m ($561.2m) in conditional letters of support/interest from Australian, German and Korean export credit agencies.

Seven Australian and international commercial and investment banks issued expressions of interest to fund the commercial component of the project’s debt.

TNG managing director and CEO Paul Burton said: “We welcome the receipt of this commitment for up to A$200m in debt funding for Mount Peake from K-Sure, which further cements our strong, long-standing relationship with South Korea, particularly considering that Korea’s WOOJIN was one of our foundational off-take customers for vanadium production from Mount Peake.

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“This reinforces the importance of having a stable corporate environment to ensure we can finalise these funding agreements and progress the Mount Peake project to a final investment decision.”

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In June 2022, TNG selected engineering and construction company Clough as the lead engineering and the preferred engineering, procurement and construction (EPC) contractor for the Mt Peake project.

Said to be one of the world’s largest undeveloped vanadium-titanium-iron projects, the Mount Peake Project is planned to be developed as a fully integrated single mining and processing operation.

The company aims to produce up to 6,000tpa of high-purity vanadium pentoxide from the Mount Peake project. It also aims to develop titanium dioxide pigment and iron ore fines products.

The project has JORC measured, indicated and inferred resource of 160 million tonnes, grading 0.28% V₂0₅, 5.3% TiO₂ and 23% Fe.