Mount Peake

The Mount Peake project is an emerging global-scale strategic metals project.

TNG Limited

Mount Peake Project

Mount Peake Project factsheet PDF (682.0 KB)

TNG is a public listed Australian resources company focused on the evaluation and development of its Mount Peake vanadium-titanium-iron project in the Northern Territory.


Market capitalisation:
A$109.08 million at 1 August 2019



Vanadium, titanium, iron

Contact details

Ms Paula Raffo
Investor and Public Relations Executive
T: +61 8 9327 0900

To find out more about Investment Attraction in the Northern Territory contact the:

Investment Attraction
Minerals and Upstream Energy Investment
Australia’s Northern Territory Government
Department of Trade, Business and Innovation 
T: +61 8 8999 1385

The Mount Peake project, covering over 1,000km2 of 100%-owned tenements in Central Australia, is emerging as one of the world’s largest new vanadium-titanium-iron projects. It has measured, indicated and inferred resources totalling 160 Mt, grading 0.28% V2O5, 5.3% TiO2 and 23% Fe.

The November 2017 updated Feasibility Study outlined a robust project offering a 44% IRR and a three year payback, based on total production of 265,000 t V2O5, 3.5 Mt TiO2 (pigment), and 10.6 Mt pig iron. A 3 Mtpa (stage 1) open-pit mining operation would expand to 6 Mtpa after four years of production. The company has secured binding life-of-mine offtake agreement for the project’s three high quality products.

Test work and optimisation of the company’s 100% owned TIVAN® technology indicates that it will be able to produce vanadium pentoxide at minimum 99.5% purity, which is currently among the highest globally. It has also successfully produced high-purity vanadium electrolyte,potentially allowing full vertical integration of its production pipeline as well as the ability to enter the Vanadium Redox Battery (VRB) alternative energy sector. The TIVAN® process can also produce high quality titanium dioxide concentrate of up to 65% purity, providing an ideal specification for refining to pigment grade.

TNG is also considering a two-stage development option with a low capital cost start-up development producing magnetite concentrate which has the potential to generate early cash flow.

Mineralisation at Mount Peake is a tabular vanadium-rich magnetite deposit within a large gabbro intrusion. A Maiden Probable Ore Reserve of 41.1 Mt (50% of mine life) at V2O5 0.45%, TiO2 7.99%, Fe 28.0% at a cut off grade of 15% Fe was announced on 31 July 2015.

The mineralisation is flat-lying and occurs close to the surface, with additional scope to grow the resource further. The company has also identified the potential for a graphite resource in the Mount Peake project area.

The project will comprise an open cut mining operation and ore processing plant located in the southern central Northern Territory, approximately 280km north-northwest of Alice Springs. The site lies close to existing infrastructure including a gas pipeline and has access to a large aquifer system, capable of providing a sustainable long-term water source for mining and processing operations.

The proposed mine site is only 60km west of the sealed Stuart Highway and 80km from the Adelaide to Darwin railway, which will transport magnetite concentrate to TNG’s planned TIVAN® refinery. The refinery will be located within the Middle Arm industrial area, within 10km of existing export infrastructure at the Port of Darwin.

  • Since its discovery in 2008, the Mount Peake project has made consistent progress towards commercialisation. DFS results released in July 2015 and updated in November 2017, estimate a 15 year mine life with pre-tax rate of return (IRR) of 44%, based on a pre-production capital expenditure of $853 million. The project has received Major Project status from the Northern Territory Government.
  • Central to its plans to bring Mount Peake into production, TNG has the exclusive patent on the TIVAN® hydrometallurgical process, an innovative, low-cost method that produces three products – premium (>96%) battery grade vanadium pentoxide, titanium pigment and high purity iron oxide pellets TNG has filed an application to trademark its unique and high value titanium dioxide pigment.
  • TNG has formed relationships with a number of high profile international investors, technology developers and marketing and distribution partners to progress Mount Peake.
  • TNG has binding offtake agreements in place for all three of the project’s high value high purity products.
  • Mineral leases, environmental approvals, haul road permits and water authorities have been granted for the mine site. Agreements are already in place with Traditional Owners. The final mining approval application is expected to be submitted to the Northern Territory Government by July 2019.
  • The environmental approvals process for the Darwin processing plant will begin when TNG submits its Environmental Impact Statement to the Northern Territory Government by July 2019.
  • TNG hopes to secure project financing, to enable the planned commencement of construction in late 2019 or 2020.

TNG believes that the most suitable development path for Mount Peake is to engage a major partner, company or corporate conglomerate to provide development finance, engineering, procurement, design and construction in exchange for project equity and or off-take agreements.

The measured, indicated and inferred mineral resources reported on 18 March 2013 at a 0.1% V2O5 cut-off comprised:

Category Tonnes (Mt) V2O5% TIO2%Fe% Al2O3% SiO2%
Measured 120 0.29 5.5 24 8.2 33
Indicated 20 0.28 5.3 22 9.1 34
Inferred 22 0.22 4.4 19 10.0 38


This document includes information provided by third parties. The information is general in nature and is for information purposes only. The Northern Territory Government makes no representation about the veracity or accuracy of information provided by third parties. You must rely on your own due diligence before proceeding. You should consider seeking independent professional advice.
© Northern Territory Government, May 2019.