Name of the Project
Riley iron-ore project.
Location
The project is located 10 km from the Mount Lindsay deposit, in north-west Tasmania, in Australia.
Project Owner/s
Venture Minerals.
Project Description
Mining started at Riley in May 2014; however, owing to declining iron-ore prices at the time, the mine was placed on care and maintenance in August that year.
In August this year, Venture decided to restart mining at the project, following a positive prefeasibility study (PFS).
The PFS is based on probable reserves of 1.6-million tonnes grading 57% iron, producing one-million tonnes a year of final product.
The ore at the Riley deposit is at surface and, hence, there is no strip ratio.
A contractor will be used for all mining and processing activities on site.
The operation will produce about one-million tonnes of 57% iron over a two-year mine life.
Potential Job Creation
The project is expected to create from 80 to 100 jobs.
Net Present Value/Internal Rate of Return
The project has an estimated after-tax net present value, at an 8% discount rate, of A$27-million, over two years of production, and a 303% internal rate of return.
Capital Expenditure
Preproduction capital is estimated at A$3.6-million.
Planned Start/End Date
The first shipment of ore from the Riley Mine is planned for the fourth quarter of 2019.
Latest Developments
Construction has started at the wet screening plant for the Riley iron-ore mine.
Venture Minerals has said that the successful completion of the initial mining and dry screening operations has produced about 2 000 t of high specification product, with the current mine economics of the project trending well above the 2019 feasibility numbers.
“Venture’s board has committed to Stage 1 of the wet screening plant construction as part of its continued ramp-up towards full-scale production. 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 for our shareholders,” Venture MD has said Andrew Radonjic.
As part of the wet screening plant construction phase, all required long-lead items for Riley have also been ordered.
Key Contracts, Suppliers and Consultants
Rock Team (upgraded ore reserves).
Contact Details for Project Information
Venture Minerals, tel +61 8 6279 9428 or email info@ventureminerals.com.au.