Venture gets debt finaning for Riley DSO project
PERTH (miningweekly.com) – Minerals developer Venture Minerals has secured a A$15-million debt financing from global banking group BNP Paribas to fund the working capital requirements at its Riley direct shipping ore (DSO) project, in Tasmania.
The debt facility followed the granting of a mining lease in December last year, and the appointment of a preferred mining contractor for the project, which hosts an inferred resource of some two-million tons, grading 57% iron.
“Venture is now an emerging producer with a strong cash position, which, combined with the debt facility, sees the company fully funded into production on the Riley DSO project,” said Venture MD Hamish Halliday.
He noted that securing the debt finance followed a number of successes for the company’s DSO projects over the past year, including the granting of mining leases at both Riley and Livingstone; doubling of the DSO resource base; and the announcement of a maiden DSO reserve statement.
Securing the debt financing was another step for Venture as it sought to become a one-million-ton-a-year producer by 2013, said Halliday.
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