PERTH (miningweekly.com) – A final investment decision has been taken on the Riley iron-ore mine, in Tasmania, with project owner Venture Minerals preparing to start dry screening operations.
“The board has given the go-ahead to proceed with the dry screening operations reaching another important milestone as the Riley mine ramps up towards full scale production,” said MD Andrew Radonjic.
“The Riley project continues to deliver more exciting news for shareholders and the state of Tasmania in a strong iron-ore price environment. The Riley iron-ore mine will create close to 100 jobs and will be a boost for the economy of the west coast of Tasmania during these difficult times,” he added.
A previously completed prefeasibility study estimated that the Riley project would require a capital spend of A$3.6-million to return to production, producing around one-million tonnes of 57% iron over a two-year mine life.
Venture on Wednesday reported that the dry screening operations were part of the ramp-up phase of the project with full production rate to occur on the successful commissioning of the wet processing plant, which was still subject to financing.
The company is now finalising discussions on financing options, including a debt facility to fund the construction of the wet screening plant.