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Venture mulls Riley restart

5th April 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed junior Venture Minerals is mulling the restart of its Riley iron-ore mine, in Tasmania, which was placed on care and maintenance in September 2021.

The company told shareholders that the iron-ore price was extremely volatile, and the risks would need to be significantly reduced before a restart was considered for approval by the board.

However, the quick restart opportunity being considered will focus on dry hiring equipment where possible, using existing Venture employees and avoiding entering into any extensive contracts or commitments which may unnecessarily burden the company financially.

The company said in a statement that a number of key areas were being assessed as part of the potential quick restart opportunity, including adjusting existing offtake agreements, reassessing the availability and cost for transport and storage of ore, and focusing on reducing both the risks and working capital requirements for the restart.

Venture noted that funding would still be required to restart the operation.

Edited by Creamer Media Reporter

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