The Mount Peake vanadium-titanium-iron project in the Northern Territory has acquired money from export finance, according to the mineral processing technology company TNG Limited.
Export Finance Australia provided the firm with a conditional letter of support for up to $300 million in debt financing.
One of 15 projects recognized under the federal government’s Critical Minerals Priority Roadmap, the grant will support project finance.
While titanium is a high-strength, lightweight metal utilized in the aerospace and space sectors as well as a pigment, vanadium is used to reinforce steel and as an electrolyte in the developing technology of vanadium redox flow batteries for energy storage.
The federal government has set aside $2 billion to increase domestic manufacturing and further process and manufacture essential minerals while also capturing more of the value-add offshore.
According to TNG CEO Paul Burton, the EFA’s backing provided a strong platform for the business to obtain the debt finance package required to move the project forward.
“Mount Peake will help to the diversification of the world’s supply of essential minerals,” stated Burton.
This will increase the country’s revenue from the vital minerals value chain.
The HySustain green hydrogen generation project in Darwin is also being developed by TNG and its joint venture partner, Malaysia’s AGV Energy & Technology.
The initiative uses AGV’s HySustain technology, which electrolyzes demineralized water with 100% renewable energy to create green hydrogen.