A worldwide total solution provider with over 8,000 employees globally, POSCO E&C had global orders of US$12 billion and sales of US$8 billion in 2013. It has a clear vision to become a top-10 global construction company by 2020.
Under the terms of the MOU, the parties may enter into binding agreements for the following:
Completion of the Feasibility Study of the Mount Peake Project;
The potential for assistance in obtaining project finance by POSCO E&C via the Korean
ECA or other agreed sources;
Potential for POSCO E&C to be awarded Engineering and Construction contracts for the
development of Mount Peake;
Other agreements with the aim of directly or indirectly supporting TNG‟s Mount Peake
development, including its short- and long-term project development requirements.
The MoU with POSCO E&C follows TNG‟s recent strategic agreement with one of the world‟s largest ferro-vanadium producers, Korean-based WOOJIN IND., CO., Ltd (“WOOJIN”). WOOJIN is a major supplier of ferro-vanadium to POSCO Steel and other major steel manufacturers world- wide.
TNG Price at posting:
25.5¢ Sentiment: Hold Disclosure: Held
