Venture’s entry into the ranks of Australia’s iron ore producers is fast approaching with installation beginning on the wet screening plant at its Riley mine.
The company has also appointed Geoffrey Halloran as general manager of operations at the Riley iron ore mine and John Hall as the construction and commissioning manager.
Halloran has 20 years’ of experience and has held senior management positions in resource development companies with a specialist focus on managing the start-up of three similar sized iron ore operations through to and including steady state production.
Hall has more than 30 years’ of experience as a project manager and has worked across Australia focussed on construction projects and refurbishments with roles ranging from site supervisor to the engineering manager.
“As the company moves towards its first iron ore shipment, the Riley Mine Development team is quickly falling into place with a perfect blend of start-up and operational experience in the iron ore space,” Venture Minerals (ASX:VMS) managing director Andrew Radonjic noted.
While the company’s previous feasibility study had outlined some very attractive numbers such as an internal rate of return and net present value – both measures of a project’s profitability – of 303 per cent and $27m respectively along with post tax cash generation of $31m, it used an assumed price of $US90 per tonne of 62 per cent iron ore.
Given that iron ore prices are currently about $US160/t, those numbers are starting to look decidedly modest.
Riley iron ore mine
The Riley iron ore mine in Tasmania is about 10km form the Mount Lindsay tin-tungsten deposit and less than 2km from a sealed road that accesses existing rail and port facilities.
The deposit is all at surface and has immediately accessible reserves of 1.6Mt grading 57 per cent iron ore with low impurities.
Ore is free digging with wet screening used to remove clay and organic material before it is set to port for shipping.
This article was developed in collaboration with Venture Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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Barry Stroman was a reporter for Zerg Watch, before becoming the lead editor. Barry has previously worked for Wired, MacWorld, PCWorld, and VentureBeat covering countless stories concerning all things related to tech and science. Barry studied at NYU.