TNG Ltd. tapped KfW IPEX-Bank GmbH as its exclusive senior debt adviser and arranger to lead a US$600 million debt raise for the development and construction of its flagship Mount Peake vanadium-titanium-iron project in Australia's Northern Territory.
According to a Dec. 13 release, the German bank agreed to manage a syndicate for the project financing package. The mandate will commence Jan. 15, 2019.
The project's final capital requirements will be determined during an ongoing front-end engineering and design study on Mount Peake and lender's due diligence.
TNG in November received mining leases covering the project's mine site and associated infrastructure.
The company has secured several off-take deals for Mount Peake, most recently with Swiss firm DKSH which agreed to purchase up to 100% of the project's titanium dioxide pigment.