Venture Minerals moves to production at Riley DSO project

THE BOURSE WHISPERER: Venture Minerals (ASX: VMS) has moved up to production at the company’s Riley Direct Shipping Ore project in Tasmania following the dismissal of an appeal against the recently-awarded State Approvals.

The Resource Management and Planning Appeals Tribunal dismissed the appeal against the development approval for Riley.

Venture said the decision had delivered the company unencumbered approvals to commence mining.

“The Tribunal’s decision follows the recent Commonwealth approvals for the Riley project as well the appointment of mining contractors, security of bank finance and the conclusion of negotiations with TasRail for ore transport, port storage and shiploading services,” Venture Minerals said in its ASX announcement.

The company said its focus for the coming weeks will be the commencement of site works and pre-production ramp up at Riley as well as advancing negotiations on off take for the sale of ore.

Venture is currently in a good financial position with the company holding a cash position of approximately $12 million and an undrawn debt facility of $15 million.

The company claims to be fully-funded to commence production at its Riley DSO project, which has a life of mine cash cost estimate of $49 per tonne FOB.