Australia-based resources company TNG Limited has announced that is has signed a memorandum of understanding (MoU) with the global commodity trading company Gunvor Group regarding its flagship Mount Peake vanadium-titanium-iron project in
Australia.
The memorandum of understanding envisages a long-term strategic cooperation with respect to offtake, marketing and distribution of Mount Peake's iron products, product development and sales strategies to maximize bottom line value for TNG, and funding of the ongoing bankable feasibility study for the Mount Peake project.
TNG is expecting to start construction on the project by end of 2014, with first production and exports planned for 2015.