Australian strategic metals company TNG has signed a binding term sheet with the global commodity trader, GUNVOR.
Australian strategic metals company TNG (ASX:TNG) has signed a binding term sheet with the global commodity trader, GUNVOR (Singapore), for potential offtake of 40 percent of the high-purity vanadium pentoxide that will be produced by the company’s flagship 100-percent-owned Mount Peake vanadium-titanium-iron project in the Northern Territory.
As quoted in the press release:
TNG’s Managing Director & CEO Paul Burton, said: “We are delighted to have strengthened our long-standing relationship with GUNVOR, a global commodity trader with similar values and growth strategies to TNG, by signing this Binding Term Sheet for vanadium pentoxide offtake. We have dealt with the team at GUNVOR over a number of years, including on the possibility of off-take for iron oxide products as disclosed in our release of September this year, and we are delighted to be working closely with them to develop this additional segment of our business.
“The signing of this Binding Term Sheet in the current challenging global market environment is another solid achievement by our team and is testament to the quality and robustness of the Mount Peake Project. We look forward to working closely with GUNVOR and executing the final binding Principal Marketing Agreement for the long term.”