PERTH (miningweekly.com) – ASX-listed Venture Minerals is looking to restart iron-ore production at its Riley direct shipping ore (DSO) project, in Tasmania, by the fourth quarter of this year.
Venture on Thursday reported the launch of an updated mining study to allow for a decision to restart operations.
Riley was placed on care and maintenance in 2014 on the back of weak iron-ore prices; however, Venture told shareholders that current iron-ore prices were now 30% higher than at the time of the operation being placed on care and maintenance.
The company has re-engaged consulting engineer Malcolm Hillbeck and the Rock Team to assist in updating the feasibility study for the project, while engineering group Rapallo have been engaged to assist in the study.
“Venture believes the efficiencies of restarting the Riley mine will benefit greatly by working again with the team that delivered the start of the Riley mining operation. The addition of Rapallo will not only assist in this process but will afford the company with the optionality to look at newer, lower cost techniques as part of the exercise,” said Venture MD Andrew Radonjic.
The Riley project has a 1.8-million-tonne reserve, grading 57% iron, with the deposit located less than two kilometres from a sealed road that accesses existing rail and port facilities.
The project is fully permitted with some 90% of the project’s equipment still on hand.