Venus share prices soar on capacity talks
PERTH (miningweekly.com) – The share price of ASX-listed Venus Metals climbed by 30% on Tuesday on news that the junior was in negotiations for export capacity at the Geraldton port.
Venus Metals, and its wholly owned subsidiary Yalgoo Iron Ore, have signed a memorandum of understanding with the Geraldton Port Authority, which would see the parties work together with the aim of securing some 7.5-million tons of export capacity a year from Berth 2, at the Geraldton port.
Venus told shareholders that the joint investigation would consider a range of factors, including the physical materials handling capacity of the port, the availability of land, as well as environmental factors.
The parties would also look to agree on the detailed terms of the port service agreement, a construction agreement in relation to any needed infrastructure, and a lease or infrastructure licence for land allocation to Venus.
The export capacity would be used for Venus’ Yalgoo iron-ore project, which is currently under a farm-in agreement with China’s HD Mining & Investment. The Chinese firm could earn a 50% interest in the project by sole funding A$8-million worth of exploration.
The project is currently estimated to host a magnetite resource of some 698.1-million tons, of which 311.2-million was classified as indicated and a further 386.9-million as inferred.
Based on a concentrate production of some 7.5-million tons a year, the project was expected to have a life-of-mine of more than 17 years.
Venus would launch engineering studies at the Geraldton port as soon as practical and, depending on whether these delivered a favourable outcome, a bankable feasibility study for the Yalgoo project would be launched.
Venus shares were trading at a high of 13c a share on Tuesday.
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