PERTH (miningweekly.com) – ASX-listed Venture Minerals is looking to restart its Riley direct shipping ore iron-ore mine, in Tasmania.
The company on Monday said that it was reviewing the economics of the Riley project, following a significant recovery in the iron-ore prices, and expressions of interest by several third parties around the Riley ore.
The review of the Riley project will occur in conjunction with an updated scoping study on the neighbouring Mount Lindsay tin/tungsten project, which will be completed in the coming weeks.
Riley was placed on care and maintenance in 2014 on the back of weak iron-ore prices.
The project is fully permitted and has a reserve of some 1.8-million tonnes, grading 57% iron, with some 90% of the project’s equipment still on hand.
“The previous work at the Riley iron-ore mine has placed Venture in a strong position and with the iron-ore price improving, it affords the company the opportunity to commence production with relatively short notice,” said Venture MD Andrew Radonjic.