Mining and resources company TNG Limited has signed a $13.4 million agreement with China’s Ao-Zhong International Minerals to co-develop the key pilot plant test work as part of TNG's Mount Peake Iron-Vanadium Project in the Territory.

 

Northern Territory Resources Minister Kon Vatskalis said the agreement, signed under the auspices of China’s Ministry of Land and Resources, represents a major investment breakthrough for the territory.

 

"This agreement, facilitated by the Territory Government as part of our Chinese Investment Attraction Strategy, means the iron-vanadium project at Mount Peake is on track for commercial development, and signifies more opportunities for investment through ECE subsidary Ao-Zhong's Darwin office,” Mr Vatskalis said.

 

"There is increasing national and international acknowledgment of the benefits of investing in the Territory, being resource-rich, investment-ready, and well-supported through existing infrastructure,”

 

Vanadium used in the manufacture of titanium alloys in jet engines, airframes and other high-end specialty materials, and in the chemical industry, notably in batteries, plastic, glass and pigments.