Australian strategic metals company TNG Limited (ASX: TNG) has been granted a European patent for the company’s proprietary TIVAN hydrometallurgical process for the extraction and recovery of high-purity vanadium.
TNG’s Managing Director and CEO Paul Burton said the grant of the European patent is an important milestone and highlights the novelty of the company’s TIVAN Process and provides further protection for one of the company’s core pieces of intellectual property.
The TIVAN Process, which is based on the extraction and recovery of vanadium, was developed by TNG and its metallurgical consultants, Perth-based METS Pty Ltd. The patented process provides for the extraction of vanadium, titanium and iron from their ores in commercial grades and quantities.
As part of the company’s long-term business plan, the TIVAN Process is expected to be developed for licensing globally, which could potentially be highly lucrative for TNG and its shareholders.
Patents relating to the TIVAN Process have now been secured in Europe, Australia, Canada, the Russian Federation, the United States and Vietnam. An application for a patent in China is also currently in progress.
“We are delighted to see the acceptance of our process by the European Federation, which is a global leader in engineering and process innovation,” Mr Burton said.
“This patent, together with the other patents already granted, provides a solid foundation for TNG’s intellectual property position worldwide and further protection for our commercial development strategy.
“We expect to receive patent approvals for China and South Africa in due course, paving the way for the continued roll-out of our business strategy for the TIVAN Process globally, which could ultimately generate significant returns for our shareholders.”
TNG is building a world-scale strategic metals business based on its flagship 100%-owned Mount Peake Vanadium-Titanium- Iron Project in the Northern Territory.