PEORIA (dpa-AFX) - TNG Limited (TNG.AX) announced that it has signed a Memorandum of Understanding with Caterpillar Financial Australia Limited to consider the provision of project and/or equipment finance, for the development of its flagship 100%-owned Mount Peake Vanadium-Titanium-Iron Project in the Northern Territory, subject to due diligence, approvals, agreed terms and documentation.
Cat Financial has agreed to consider the provision of project finance and/or equipment finance for the Mount Peake Vanadium-Titanium-Iron Project for the purpose of funding the development of the project in conjunction with other relevant project financiers.
TNG has agreed to consider the procurement of Cat® mobile mining equipment for the Project and awarding the supply contract to Caterpillar's dealership in the Northern Territory, Hastings Deering (Australia) Ltd.
TNG has also agreed to consider the procurement of Cat power equipment for the project and awarding the supply contract to Caterpillar's equipment dealership in the Northern Territory, Energy Power Systems Australia.
It is envisaged that the MOU with Cat Financial, once converted into a binding agreement, will form part of the diversified project finance consortium being assembled to fund the Mount Peake Project.
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