THE DRILL SERGEANT: Venture Minerals (ASX: VMS) is to advance the company’s Riley iron ore mine in Tasmania with the company’s Board giving the nod to proceed with construction of a Wet Screening Plant and associated site works.
The Wet Screening Plant construction is happening in conjunction with Venture evaluating the performance of the recently completed initial stage of mining and dry screening operations at the Riley mine.
Venture’s decision to commence Stage One of West Screening Plant construction ensures that progress towards wet Screening continues while finance is finalised for subsequent stages.
The company is currently working through several advanced financing proposals for completion of the Wet Screening Plant which will enable nameplate production at Riley.
“Venture’s Board has committed to stage one of the Wet Screening Plant construction as part of its continued ramp up towards full scale production,” Venture Minerals managing director Andrew Radonjic said in the company’s announcement to the Australian Securities Exchange.
“The iron ore price remains strong, and the company remains focused on determining the best mining and Screening method at the Riley mine to reduce costs and environmental impact so that we can generate jobs, contracting opportunities and returns to our shareholders.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE