TNG plans London listing

ASX-listed TNG is seeking a dual listing on the main market of the London Stock Exchange, as the Subiaco-based company hunts for investors to get its $824 million Mount Peake vanadium-titanium-iron project off the ground.

In March, TNG announced it was looking to list on the London Stock Exchange's Alternative Investment Market, which is typically the sub-market where Western Australian junior miners list on the LSE.

However, today it announced it was looking to trade on the main market intead of the AIM.

“The decision to pursue a main market LSE Listing, as opposed to a dual listing on the AIM market of the LSE, follows extensive engagement by TNG’s directors with the LSE, corporate advisers, brokers and investors in the London and European markets,” the company said.

“Subject to market conditions, the company is planning to undertake an investor roadshow in the first quarter of 2020.

“TNG will retain its existing ASX listing as the company’s primary listing.”

The company said the LSE Listing was expected to provide a platform to significantly broaden its investor base in the region.

Mount Peak is located in the Northern Territory, and has a capex of $824 million.

The company is currently in the midst of conducting its front-end engineering and design studies.

Earlier this year, TNG appointed Germany’s KfW IPEX-Bank to lead a $US600 million debt raising to underpin the project’s development.

TNG has a binding life-of-mine offtake agreement in place with Woojin Industries in South Korea, to purchase a minimum 60 per cent of Mount Peake’s vanadium product.