NT Resource News - July 14 | NT Independent

NT Resource News – July 14

by | Jul 13, 2022 | Business, Business News Brief | 0 comments

The NT Independent is providing an update of resource news from across the Northern Territory. Highlights this week include Provaris Energy lodging a referral submission to the NT Environment Protection Authority for its Tiwi H2 hydro project, TNG eyeing a $300 million Federal Government debt backing for its Mt Peak development, NT Minerals starts its drilling at Redbank copper project, and Core Lithium increasing its mineral and ore reserve estimates.

TNG eyes $300 million Federal Government debt backing for its Mount Peak development

TNG Limited (TNG) has started work on its requirements to qualify for a $300 million Federal debt funding after it received a conditional letter of support from the Australian Government’s Export Finance Australia (EFA).  TNG’s Mount Peak project in the Northern Territory had earlier received major project status from both the Federal and NT Governments. It is also one of only 15 projects identified by the Federal Government for its critical minerals road map.

EFA’s non-binding letter of support outlines the need for TNG to make progress on several fronts to avail of the debt funding.

Among the requirements are: meeting EFA’s “know your customer” process—which includes sanctions and anti-bribery requirements and checks, provision of a detailed financing proposal and independent due diligence material, and TNG making “satisfactory progress” towards the project’s funding plan, including the raising of equity and securing funding from other lenders.

The company must also make progress securing offtake agreements, have a contracting strategy and contractors for the engineering, construction and commissioning of the project, and comply with the agency’s environmental and social risk policies.

Mount Peak is expected to produce a suite of “high quality, high purity” strategic projects for global markets, including vanadium pentoxide, titanium dioxide pigment, and iron ore fines. It is expected to be among the top 10 global producers of vanadium and titanium products, TNG said.

Core lithium ups MRE, and ORE for its Finniss Lithium Project

Core Lithium (CXO) has substantially augmented the mineral resource estimate (MRE) and ore reserve estimate (ORE) for its Finniss Lithium project in the Territory. CXO’s MRE has increased by 28 per cent to 18.9 million tonnes (Mt) at 1.32 per cent lithium oxide, while the ORE has increased by 43 per cent to 10.6Mt at 1.3 per cent lithium oxide.

Both construction and mining activities at the project site are at full blast with equipment and personnel being augmented, the company said. CXO said the project is progressing well and is on schedule to make its first direct ore (DSO) lithium shipment from the Territory by year-end.

CXO’s non-executive chairman Greg English said the recent ORE gave rise to a 12-year mine plan to finish this year’s drilling program to see if the project can deliver equally impressive results across their open pit and underground deposits.

“Fully funded to the first production, Finniss remains on track to ship first lithium by the end of this calendar year to herald Core’s arrival as Australia’s next lithium producer,” Mr English said.

NT Minerals starts the Redbank project in the Territory

NT Minerals (NTM) has started drilling at its Redbank copper project in the Northern Territory. NTM’s 5,000 metres reverse circulation boring will target discrete, late-time conductors that have been upgraded with ground-based induced polarisation (IP) surveying undertaken last year.

The company is also scheduled to conduct initial drilling at the Calvert South prospect to test for copper, bismuth, antimony and manganese soil anomalism after it received approvals from concerned agencies.

“We are looking forward to the results of the VTEM drilling and I will be reporting on further work plans including further drilling of highly prospective surface geochemical anomalies and additional multielement soil sampling programs over the coming weeks in what will be a busy period for NT Minerals,” NTM managing director Hugh Thomas said.

NT Minerals recently changed its name from Redbank Copper which it described as a “significant point” in its history with legacy issues associated with the company name being either resolved or managed effectively. The name change allows it to focus on the future and exploration work over its extensive tenement holding.

Provaris files environmental plan for Tiwi H2 hydro project

Provaris Energy (PV1) has provided the NT Environment Protection Authority with a referral submission for its proposed 2.8-gigawatt Tiwi H2 project on the Tiwi Islands. Provaris aims to develop green hydrogen production and export facilities on Melville Island.

The referral submission—prepared by Darwin-based EcOz Environmental Consultants—aims to show the project’s safety, sustainability, and efficiency for supplying and exporting green hydrogen to the Asia Pacific region with minimal environmental and social impacts.

The Tiwi H2 hydro project consists of a 26.4sq km solar precinct; a 1.5sq km transmission line corridor for the transport of power from the solar precinct to a 0.4sq km production hub; and a 0.32sq km export precinct where the end product will be loaded onto Provaris’ proprietary compressed hydrogen ships.

Provaris said that Tiwi H2 has the potential to be Australia’s first exporter of gaseous green hydrogen because of its proximity and access to future demand markets in the Asia Pacific.

Construction is targeted to commence in 2024, with production levels seen to hit 100,000 tonnes of hydrogen per annum when it commences exports in 2027. PV1 expects a response from the NT EPA by October.

 

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