TNG Ltd. (ASX:TNG) announced that it’s signed a binding heads of agreement (HoA) with SMS group GmbH, one of the world’s largest metallurgical engineering and construction companies.
The HoA pertains to implementing the TIVAN® downstream refinery, which is part of TNG’s Northern Territory-based Mount Peake vanadium-titanium-iron project.
Highlights of the HoA include:
- One of world’s biggest metallurgical engineering and construction companies, SMS group, throws its weight behind the Mount Peake development after signing a binding Heads of Agreement with TNG including:
- Engineering, design and tendering for construction for the TIVAN® downstream refinery; and
- Provision of assistance for funding the construction of the TIVAN refinery through Export Credit Agencies or other structured finance.
- This marks a major step forward in the long-standing relationship between TNG and SMS group and secures another Tier-1 global partner to participate in the financing and development of the project.
Paul Burton, managing director of TNG, commented:
SMS is a world leader in metallurgical plant design and construction, and has already played an integral role in the planning and testwork for the TIVAN® plant. They are ideally placed to help us progress the refinery through the design and construction phases, and we are delighted to have secured their services now to implement the design and construction.
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