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TNG Limited (ASX:TNG) has secured key mineral leases that cover the mine site and its associated infrastructure for Mount Peake Vanadium-Titanium-Iron Project located in the Northern Territory. The announcement for the same was made on November 21, 2018 and the stock was up 5% on November 22, 2018, 3:45 pm AEST.
The securement of the mineral leases for Mount Peake represents a major milestone towards the developmental and the approval process for the subsequent mining and processing operations. The securement of all the necessary leases has provided TNG with securement of tenure that helps it to proceed with the overall financing package required for the development of the project.
The securement and approval of the mineral leases have been done after the submission of the documentation and surveying plans pertaining to the mineral lease boundaries, and after being approved by the Northern Territory Surveyor General and finally submitted to the Department of Primary Industry and Resources. This also entailed execution of the Area Agreement (Mount Peake Project Indigenous Land Use Agreement) with the Central Land Council and the Eynewantheyne Aboriginal Corporation RNTBC and the related Tripartite Deed with the Northern Territory of Australia.
With this approval of the mineral leases for Mount Peake, TNG now owns four Mineral Leases covering the Mount Peake development site which has been granted by the Northern Territory Minister for Primary Industry and Resources. The four mineral leases cover the proposed open pit mine, the camp site, rail loading facility area and the associate mine at the site.
Meanwhile, the company has received a refundable research and development tax rebate under the Federal Governmentâs Research and Development (R&D) tax incentive scheme for eligible R&D activities. A refundable tax rebate of $1.55 million was received on November 9, 2018. R&D activities at TNG are in relation to the Mount Peake Project and entail testing related work for the commercial extraction of the high grade vanadium, titanium and iron from vanadiferous-titanomagnetite with the use of its patented TIVAN® hydrometallurgical process. This process forms an essential part in the developmental plans for Mount Peake and in its long term strategy to become an established global supplier of strategic metals. Under this R&D tax incentive scheme, TNG has been provided with a direct assistance to continue their initiatives in the direction of research and development and drive technological innovations that will help to enhance further value for shareholders. The recent rebate has helped TNG to further strengthen its financial performance and focus on the ongoing project development work at Mount peake.
The recently completed share purchase plan which has successfully raised $3.87million and the R&D rebate which has increased total cash in hand to approximately $18 million along with recent securement of the mineral lease, indicate for foundation and support to the ongoing developmental activities at Mount Peake. TNG shares were seen to be trading at the levels of $.105 on November 22, 2018 before market close.
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