Woojin Steel & TNG Sign Binding Term Sheet for Vanadium Offtake


Woojin Industry Co., Ltd. Key Developments

Mar 11, 2015

TNG Limited announced that it has signed a Binding Term Sheet with WOOJIN IND., CO., LTD., for the sale of up to 60% of the vanadium production from its Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory. This development follows the execution of a Letter of Intent (LOI) between WJN and TNG in June 2014. Since then, the two companies have been working in close collaboration to pursue binding agreements and establish a basis for long-term understanding and cooperation. The Binding Term Sheet further cements the relationship between TNG and WOOJIN and marks a significant step towards the finalisation of a binding long-term off-take agreement for the companies forecast vanadium pentoxide production which will underpin financing and development of the world-scale Mount Peake Project.