TNG advances critical metals and green hydrogen projects

Mineral processing technology company TNG Limited has received export finance funding for its Mount Peake vanadium-titanium-iron project project in the Northern Territory.

The company received a conditional letter of support for up to $300 million in debt funding from Export Finance Australia.

The funding will underpin financing of the project, one of 15 projects recognised under the federal government’s critical minerals priority roadmap.

Vanadium is used to strengthen steel and as electrolyte in the emerging technology of vanadium redox flow battery energy storage, while titanium is a high strength, light weight metal used in aerospace and space industries and as a pigment.

The federal government has set aside $2 billion to broaden the supply of critical minerals and capture more of the value-add onshore through further processing and manufacturing.

TNG CEO Paul Burton said EFA support laid a solid foundation for the company to secure the debt financing package it needed to progress the project.

Burton said: “Mount Peake will contribute to the diversification of global critical minerals supply…and will bring more value from the critical minerals value chain to the country.”

TNG and its joint venture partner, Malaysia’s AGV Energy & Technology, are also developing the HySustain green hydrogen production project in Darwin.

The project utilises the HySustain technology developed by AGV to produce green hydrogen using the electrolysis of demineralised water and 100 per cent renewable energy.

Picture: TNG Ltd/Mt Peake

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