Tasmanian Wet Screening Plant Commissioning Imminent
Venture Minerals Limited (ASX:VMS) has taken major strides towards commissioning the Wet Screening Plant at its Riley Iron Ore Mine in Tasmania, with the various stages of the installation phase of the construction approaching completion.
Managing Director, Andrew Radonjic, said that as a consequence, commissioning of the Wet Screening Plant is expected to commence within the next two weeks, meaning the first ore shipment is still on track for the current quarter.
“Venture’s Riley Development Team continues to work hard to meet the installation schedule with the Plant only two weeks away from starting commissioning,” Mr Radonjic said.
“This timing puts the first iron ore shipment on track for this quarter and puts the company in a strong position to take advantage of the historically high iron ore prices.”
Mr Radonjic said the company continues to prepare for operational start-up in anticipation of construction completion.
Venture recently executed the agreements with Launceston-based Shaw Contracting for Mining and Processing, as well as other Tasmanian businesses for supply of fuel to the site and hire of the power station.
In addition, the Riley Development Team continues to expand with key appointments, all of which are sourced predominately from nearby communities.
Iron ore prices have been strong throughout 2020 and into 2021 with the outlook for the rest of the calendar year remaining positive due to continued demand generated by Chinese government infrastructure spending and ongoing supply concerns from Brazil.
Mr Radonjic said that current Riley Mine economics well above August 2019 feasibility numbers which were based on a US$90/tonne 62% Fe price due primarily to higher Fe prices (~US$180/tonne 62% Fe price) and supported by a strong Iron Ore market outlook.