So this reads like the initial pre-strip before they get to the high Ti-V content ore body, is clean concentrate.
http://www.tngltd.com.au/images/tngltd---aimoomiema.pdf
As their DFS only talks about pig iron, which we have been led to believe is dependent on the refinery, they sound like they will have an initial high Fe content overburden which potentially has some value, concentrated, more value. If they get it over 65% at the mine then they have a product in demand. It is also this which the likes of BBI would be very interested in - particularly if they can achieve their concentrate with high levels of Fe with low energy input & low opex.
TNG secures mineral leases for Mount Peake, opens door to pursue financing, page-50
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