TNG Limited (ASX: TNG) has been granted a trading halt by the ASX pending an announcement on the development of the Mount Peake Iron-Vanadium Project, and a funding update, with the company's shares placed in pre-open.
TNG has not yet elaborated on what the development means, but last week ticked a major box for the project by entering initial negotiations with a number of parties on key infrastructure requirements.
The significance of Mount Peake is that the project could potentially be one of the lowest-cost ferrous projects in Australia.
Operator of the Adelaide-to-Darwin rail line, Genesee & Wyoming Australia Pty Ltd, has indicated through preliminary talks that the line can accommodate the transportation of product from Mount Peake to the Port of Darwin.
Once TNG's requirements have been better defined in the current PFS, Genesee & Wyoming has indicated its willingness to work with the company to negotiate commercial arrangements for access to the rail line.