Territory Resource Wrap – February 22

by | Feb 22, 2022 | Business, News Brief | 0 comments

The NT Independent is providing you with an update of resource news from across the Northern Territory.

TNG advances Design and Contract strategy for MT Peake

Resource company TNG Limited is continuing to advance engineering, development planning and commercial workstreams for its flagship 100 per cent owned Mount Peake vanadium-titanium-iron project in the Northern Territory.

In a project update, the company said it has progressed discussions with its major contractors, including SMS and Clough, to revise and update the project execution model. This includes a review of the contracting strategy for delivery of both the processing plants and non-processing plant infrastructure.

Clough Projects is progressing through the design and value engineering for the integrated mining and processing operation with completion expected by May 2022. SMS Group is working to complete any outstanding validation test work that had been delayed last year due to COVID-19 restrictions.

The company also said it is advancing on technical fronts to obtain the information required for the submission of a revised environmental impact report. In an effort to reduce the carbon footprint of the Mount Peake project to meet its zero emissions target by 2050, Hydrogen reduction test work is currently underway as a suitable replacement for the solid reductant in the current flowsheet.

COVID puts Keith in the Pitt

Minister for Resources and Water, Keith Pitt will be delivering the keynote speech tonight at the Energy Club’s first event of the year by Zoom due to COVID isolation requirements.

Minister Pitt was expected to deliver in person and share insights into the coming year, along with outlining challenges and the outlook for the energy sector in the Territory in 2022. It is not known if Minister Pitt is isolated due to contracting COVID-19 or due to be being a close contact.

David Littleproud, Minister for Agriculture and Northern Australia, will be attending the event.

Welsh confirmed as ERA’s lead for $1.6 billion rehab

Brad Welsh has been appointed Managing Director and Chief Executive of Energy Resources of Australia making him the lead for the company’s $1.6 billion rehab project of Ranger Uranium Mine.

In a statement released to the ASX on Monday, Ranger Uranium Mine operator Energy Resources of Australia revealed Mr Welsh had been appointed chief executive and managing director of the Northern Territory company to focus on the rehabilitation of the Ranger Project Area. The rehabilitation was originally estimated at $973 million, but ERA revised costs to be approximately between $1.6 – $2.2 billion in January.

ERA announced on October 4, 2021 that Mr Welsh had assumed the role of Acting Chief Executive on secondment from parent company Rio Tinto.

Mr Welsh grew up in the Aboriginal community of Redfern, Sydney. Prior to joining ERA, he held a number of roles within Rio Tinto, including Chief Advisor Closure Strategy Non-Managed Assets, Chief Advisor to the CEO – Indigenous Affairs, and acting General Manager of the Weipa bauxite operation in Northern Queensland.

Core Lithium jumps 13 per cent on drill results. Drops 13 per cent the next day

Core Lithium Ltd share prices jumped 13 per cent on Friday on the back of drilling results with share prices going from a low at $0.78 to $0.88. However, the company’s share prices were back down the next trading day, closing on Monday to where it started on Friday morning before the announcement at $0.78.

Core Lithium share prices are up 23 per cent for the year with a market capitalisation of $1.34 Billion.

In an announcement on the drilling results, Core Lithium said it has continued in its discovery of wide and high-grade lithium intersections at its Finniss Lithium Project.

Two deep diamond drill holes at the BP33 deposit intersected with high-quality spodumene-bearing pegmatite mineralisation. The results show:

  • 57.35m at 1.83% lithium oxide at drill hole NMRD016
  • 51.0m at 1.63% lithium oxide at drill hole FRCD023

Core Lithium believes this means mineralisation at the BP33 deposit is improving with depth. Further reverse circulation and diamond drilling has confirmed spodumene-bearing pegmatite extends to the south at BP33. Core Lithium plans to conduct more drilling at this site in the future.

Desert Springs Octopus launched in NT to invest $50 billion

Renewable energy company, Desert Springs Octopus has been launched in the Northern Territory with the company saying it is looking to invest $50 billion over the next 10 years.

Indigenous-owned company Desert Springs Renewables is the majority shareholder of the newly formed company, backed by UK-owned Octopus Australia.

The company will promote the development of renewable energy projects, hydrogen production, new water infrastructure, agriculture, energy for mining, and transmission and electricity grid buildouts, including the export of clean energy to countries including Singapore and Japan, which have challenges in developing wind and solar capacity.

Octopus Australia’s managing director Sam Reynolds and managing director of indigenous law firm Jaramer Legal, Bevan Mailman, will co-chair the company and work closely with the Northern Territory Indigenous Business Network.

There will be an emphasis on Indigenous involvement in and benefit from the projects, for jobs, procurement, training, export initiatives, and local business support, the company said.

Octopus Australia has invested about $1 billion in Australian renewable energy since 2018 in projects including the Darlington Point solar site and the Dulacca Wind Farm in Queensland, the company said.

The project was a point of discussion on a call between British Prime Minister Boris Johnson and Scott Morrison on Thursday morning.

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