TNG receives AU$200M conditional debt facility for Mt Peake Project

August 09, 2022 05:00 PM AEST | By Manisha

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TNG receives AU$200M conditional debt facility for Mt Peake Project — Image source: © Olivier26 | Megapixl.com

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Highlights

TNG has received up to AU$200 million conditional finance support in debt funding from the Korean export credit agency, Korea Trade Insurance Corporation (K-SURE).

The company plans to utilise the funds to step up development activities at its 100%-owned Mount Peake Project.

So far, TNG has received a total of up to AU$800 million of conditional funding interest for its flagship project from various funding sources backed by the Australian, Korean, and German governments.

One of the leading Australian resource and mineral processing technology companies, TNG Limited (ASX:TNG) has secured a major cornerstone component of the multi-source, global funding package for its Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory.

In the latest development, TNG has received a conditional debt funding of AU$200 million from the Korea Trade Insurance Corporation (K-Sure), which is the official export credit agency of South Korea under the Ministry of Trade, Industry and Energy. This debt funding is for TNG’s flagship Mount Peake Project, as per the terms of a conditional Letter of Support.

Details of the Letter of Support from K-SURE

The Letter of Support from K-SURE follows the Memorandum of Understanding, which was signed between Australia and the Republic of Korea in December 2021. The MoU was based on Cooperation in Critical Minerals Supply Chains.

TNGs’s multi-pronged global funding strategy

As of now, a total of up to AU$800 million conditional interest funding has been issued to TNG for the said project under numerous conditional Letters of Support/Interest from various funding sources backed by the Australian, Korean, and German governments.

Also, seven Australian and International Commercial and Investment Banks have issued expressions of interest for providing capital for the debt’s commercial component.

TNG believes that its financial strategy for the Mount Peake Project is firmly on track following the constant financial support and substantial interest from government-backed funding sources as well as the commercial debt market.

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