Venture Minerals Moves Riley Mine Towards Production

THE BOURSE WHISPERER: Venture Minerals (ASX: VMS) provided an update on the progress of construction activities at the company’s Riley iron ore mine in Tasmania.

Venture Minerals said it was advancing towards production with site preparation nearing completion.

Recent pre-production capital expenditure has been spent on installing the site offices, construction of the ROM Pad and completion of upgrades to the on-site haulage roads.

The company indicated it is moving closer to finalising and negotiating a road access agreement for a portion of privately held road and nominating a preferred road haulage tenderer.

“Preparations for the first ore shipment are also well advanced with port access agreements being negotiated and positive ongoing discussions with shipping brokers regarding availability of ships for the Riley product,” Venture Minerals said in its ASX announcement.

“Venture continues to work on additional strategies identified to further reduce operating costs on the project before the first ore shipment.

“These cost optimisation programs will focus on increased efficiencies from detailed mine scheduling and enhancing the logistics chain for transporting the iron ore including an application to go to 24-hour trucking.

“The company looks forward to keeping the market informed on any further developments on the Riley Iron Ore Mine.”