Court dismisses claims against Venture project
PERTH (miningweekly.com) – The Federal Court has dismissed a challenge against ASX-listed Venture Minerals developing its Riley direct shipping ore (DSO) project, in Tasmania.
In October last year, a third party lodged an appeal against the commonwealth government’s approval of the project.
The Federal Court dismissed all four appeals and upheld the environmental approval given by the Federal Minister in August last year.
Venture told shareholders that the Federal Court decision cleared the way for the company to start Stage 1 of its preliminary work, including clearing additional access to the orebody and plant site preparation work.
A 2012 scoping study found that at a capital cost of less than A$7-million, the DSO project, which consists of the Livingstone and Riley deposits, could deliver a net present value of A$123-million, at a net revenue for the life-of-mine of A$170-million.
Venture noted that while the company was pleased to be in a position to move forward with the DSO project, a final production decision would only be made once a product offtake strategy and bank finance drawdown requirements were finalised.
Venture would also assess the broader economic environment before making a final investment decision on the Riley project.
Meanwhile, project opposition had 21 days to lodge an appeal against the Federal Court’s decision.
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