TNG appoints contractors for Mount Peake

TNG has signed an agreement with Adelaide-based contractor McMahon Services and an associated indigenous contractor to provide civil engineering and construction work at its planned Mount Peake vanadium project.

The memorandum of understanding with McMahon Services and Intract Australia covers all aspects of civil engineering and construction work at Mount Peake, located in the NT, including building a mine camp, airport, railway siding and mine haul road.

Following completion of a 90-day due diligence period, the contractors will be entitled to enter into binding agreements for the development work at Mount Peake, as well as potential funding or investment in TNG.

TNG is currently at an advanced stage of a Definitive Feasibility Study on the Mount Peake Project development.

Managing director Paul Burton said the agreements represented a core component of the project’s development.

“Our aim is to ensure the Mount Peake development provides a significant employment opportunity for indigenous Australians, and we are very pleased to be working with Intract to ensure we achieve this goal,” Mr Burton said.

Intract is a business formed through a partnership with McMahon Services and the Aboriginal Foundation of South Australia.

Last week, TNG signed an offtake agreement for vanadium from Mount Peake with South Korean-based Woojin.

TNG shares were unchanged at 21.5 cents at the close.