Venture Minerals has received approval conditions from the Tasmanian Environment Protection Authority (EPA) for the development of the Riley DSO iron ore project in northwest Tasmania. The approval conditions are one of the final steps required by Venture before production can commence at the company’s 100% owned iron ore deposit in northwest Tasmania. Venture has two iron ore projects which are expected to generate a substantial cash flow that will support its Mt Lindsay tin-tungsten project nearby.
Venture Minerals Managing Director Hamish Halliday said: “We are pleased that the EPA supports the company’s approach to environmental management. Venture Minerals has taken a very rigorous and comprehensive approach to our environmental responsibilities from day one, and EPA’s decision today recognises that. Riley is an important asset for the Company as it generates near term cash flow with minimal capital risk, delivering major benefits to shareholders and the broader community of northwest Tasmania. Additionally, the deposit is entirely at surface which not only reduces operating costs, but also results in a very low environmental impact, with no waste rock produced, no tailings dam required and no remnant open pit at the conclusion of mining.”
The Riley project is on track to commence production in the second half of this year. The Riley and Livingstone DSO projects are projected to produce net revenue of A$140 million over three years on capex of less than $7 million. This compares with estimated capex of A$198 million on the Mt Lindsay project, which will produce 2,400 tpy of tin-in-concentrate and 15,300mtu of WO3.
