THE DRILL SERGEANT: Venture Minerals (ASX: VMS) is poised to take advantage of the current iron ore price with the company commissioning a Wet Screening Plant at its Riley iron ore mine in Tasmania.
Venture Minerals has commenced the equipment commissioning phase at Riley having completed various stages of the installation phase of the plant construction.
The company explained the current Riley Mine economics are well above those determined by its August 2019 feasibility numbers, which were based on a US$90/tonne 62 per cent iron price, thanks to higher iron prices that have recently sat over the US$200/tonne mark.
“Venture’s Riley Development Team has successfully commenced commissioning of the plant,” Venture Minerals managing director Andrew Radonjic said in the company’s ASX announcement.
“Achieving this milestone of the installation schedule for the plant, keeps the first iron ore shipment on track for this quarter.
“The recent record iron ore price makes it a perfect time for the company to transform from explorer to producer.”
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