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TNG nixes term sheet for iron ore off-take with Gunvor

TNG Ltd. said Sept. 13 that its binding term sheet with commodities trader Gunvor for an iron oxide off-take is no longer in force.

Signed in March 2016, the binding term sheet concerned the off-take of a minimum of 60% of the iron products from the Mount Peake vanadium-titanium-iron project in Australia's Northern Territory.

TNG said that certain conditions under the binding term sheet were not satisfied, and no formal off-take agreement has been reached.

The company will engage with other parties interested in all of the planned iron oxide production, noting that there is significant interest from prospective customers.

Mount Peake project is expected to produce 100,000 tonnes per annum of titanium dioxide pigment, 6,000 tpa of vanadium pentoxide and 500,000 tpa of iron oxide.