TNG Limited has appointed Clough as the Lead Engineer as well as the preferred engineering, procurement and construction (EPC) contractor for the Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory.
“We are delighted to have moved forward with appointing Clough as TNG’s Lead Engineer and preferred EPC contractor for the delivery of the Mount Peake Project. Clough has a strong track record in delivering large projects like Mount Peake, and we are looking forward to working closely with them as they develop their EPC proposal.
“We now have the support of three leading groups for the Project in Clough, SMS Group and Ti-Cons, as we progress Mount Peake through the pre-development stage ahead of planned transition into delivery,” TNG Limited Managing Director and CEO Paul Burton said.
Clough’s strategy for the project is to develop a fully-integrated single mining and processing operation that will produce three high-value, high-purity products for export – products such as vanadium pentoxide (V2O5), titanium dioxide (TiO2) pigment and iron oxide (Fe2O3). In order to produce these products, the company will be applying the world’s first processing technology, TIVAN® Process, that is owned exclusively by TNG.
“We are excited to be appointed as Lead Engineer and preferred EPC contractor for TNG to continue the development of their Mount Peake Project. Combining our 103 years of experience in delivering critical assets with TNG’s world first Processing Technology will create a nationally significant project,” Clough CEO and Managing Director Peter Bennett said.
The Mount Peake Project is located about 235 kilometres north-west of Alice Springs in the Northern Territory and it is one of the world’s largest undeveloped vanadium-titanium-iron projects.
In line with the appointment of Clough, the company is required to submit a binding fixed-price, lump sum EPC proposal for the delivery of the Mount Peake Project which will be subject to completion of works needed as well as the procurement contracting model. Both TNG and Clough are currently discussing any additional work that may be required to facilitate the development of Clough’s EPC proposal and these works are going to be confirmed through a separate service agreement that will include detailed scope, costs and scheduling.
In 2021, the Mount Peake Project was granted a Major Project Status by the Australian Government. The project is anticipated to deliver substantial new infrastructure in the Northern Territory – including a mine, Beneficiation Plant and TIVAN Processing Facility along with supporting non-processing infrastructure and upgrades such as haul roads as well as logistics and utilities infrastructures and office/camp facilities.
The Mount Peake Project is estimated to have a 37-year mining and processing life, creating up to 1,600 jobs during its construction phase and approximately 1,000 long-term operational jobs.
Source: Clough; TNG Limited (1, 2); International Mining; Small Caps