- TNG (TNG) achieves a “significant milestone” for the funding of its Mount Peake vanadium-titanium-iron project in NT
- The company has received a letter of interest from the Federal Republic of Germany Export Credit Agency (ECA), Euler Hermes, for financing of $300 million
- This, combined with the recent letter of support from Export Finance Australia, brings the current total support and interest from government-related funding to $600 million
- TNG has also received letters of interest from seven Australian and international commercial and investment banks
- TNG shares are up 8.82 per cent and trading at 7.4 cents each as of 1:50 pm AEST
Resource and mineral processing tech company TNG (TNG) has achieved a “significant milestone” for the funding of its Mount Peake vanadium-titanium-iron project in NT.
The company has received a letter of interest from the Federal Republic of Germany Export Credit Agency (ECA), Euler Hermes, for financing of $300 million.
TNG also received letters of interest from seven Australian and international commercial and investment banks.
The strong interest follows on from the letter of support from Export Finance Australia, Australia’s ECA, for a debt facility of up to $300 million.
Euler Hermes has provided indicative terms based on German content from the involvement of TNG’s engineering partner German firm SMS Group.
This brings the current total conditional letters of support and interest from government-related funding to $600 million.
TNG’s Managing Director and CEO, Paul Burton, said this marks an “exciting milestone in our multi-source funding strategy for Mount Peake”.
“The receipt of a letter of interest for $300 million in funding from Euler Hermes represents a significant achievement for TNG and represents the culmination of many years of hard work at TNG,” he said.
“In addition to government related parties, we have also received expressions of interest from seven tier-one Australian, Asian and European project finance banks, reflecting the quality of the Mount Peake project and the vital role it can play as a long-life critical minerals project in the accelerating global energy transformation.”
Mount Peake is reportedly one of the largest undeveloped projects of its kind and has been awarded Major Project Status by both the Australian Government and Northern Territory Government.
The company and its advisors will progress customary due diligence with the commercial lenders, EFA and Euler Hermes.
On the market, TNG shares were up 8.82 per cent and trading at 7.4 cents each as of 1:50 pm AEST.