PERTH (miningweekly.com) – Junior Venture Minerals has inked a port access agreement for its Riley iron-ore mine, in Tasmania, with TasPorts.
Venture on Thursday said that the agreement fully secured the pathway for production from the mine gate to shipping, and effectively meant that mining could immediately start, subject to the completion of financing.
“After running a parallel process in finalising the road access agreement with Hydro Tasmania, the Riley team has been able to quickly conclude the port access agreement with TasPorts. Venture is now in a position to commence mining, subject to the conclusion of financing negotiations, and looks forward to improving the efficiencies of the ore handling logistics and locking in access to further on-wharf storage,” said MD Andrew Radonjic.
“This continues to be an exciting phase for the company and its shareholders as the company moves from explorer to producer. 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 unprecedented times.”
Venture is now seeking to finalise discussions on financing options, including a debt facility to fund working capital to sustain mining operations and capital to complete construction of the wet screening plant at Riley.
A final investment decision is expected soon, the company 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.