Ann: Replacement presentation - Diggers & Dealers, 2016-TNG.AX, page-41

Hi kiwi, per the MOU, if SMS supply the refinery, then TNG doesn't have to pay a royalty to SMS. If someone else (e.g., POSCO) provides the refinery, then TNG have to pay SMS a royalty...

Key elements of the MOU include:
 SMS group to grant TNG the right to use its TIVAN™ IP in TNG’s wholly or majorly owned refineries for the processing of titanoferrous ores on the condition that those refineries are supplied by SMS;
 In the event that TNG elects to procure such a refinery from another vendor, SMS shall grant TNG a license to use its TIVAN™ IP against payment of an adequate royalty (to be discussed) in each case;
 TNG shall grant SMS as an equipment supplier and plant builder, as well as its respective customers the right to use TNG’s TIVAN™ IP against payment of an adequate royalty (to be discussed) in each case;
 Any future inventions and or any other IP by the Parties applicable to the processing of titanoferrous ores based on a hydrochloric acid or ferric chloride leach shall be disclosed to each other and licensed under the conditions outlined above.