TNG Ltd. received federal environmental approval to the mine-site component of its flagship Mount Peake vanadium-titanium-iron ore project in Australia's Northern Territory.
The approval from the federal Minister for the Environment and Energy, Josh Frydenberg, is subject to implementation conditions.
The company said May 15 that it has now started work to finalize a mine management plan to advance the project to the next stage of mining approval.
Meanwhile, TNG is in advanced negotiations with the Central Land Council to finalize a mining agreement with the traditional landowners.
TNG is in financing discussions for A$853 million in development funding at Mount Peake, including an open-pit mine and an on-site 3Mtpa concentrator linked by rail to a hydrometallurgical metals refinery in Darwin.
An updated feasibility study for the Mount Peake project in November 2017 pegged a pretax net present value, discounted at 8%, of A$4.7 billion, a 44% internal rate of return and a three-year payback.