Venture Minerals begins installing Wet Screening Plant at Riley Iron Ore Mine and strengthens team

Venture Minerals Ltd (ASX:VMS) (OTCMKTS:VTMLF) has started installing structural, mechanical, piping and electrical aspects of the Wet Screening Plant at Riley Iron Ore Mine in northwest Tasmania with Crisp Bros & Haywards doing the first of the structural steel framework.

This installation phase of construction will be followed by commissioning of the plant and this is due to occur late in April.

Development of the project is enhanced by recent appointments including Geoff Halloran as general manager of operations and John Hall as construction and commissioning manager.

Skillsets suited to Riley Project advancement

Managing director Andrew Radonjic said: “Venture welcomes the addition of several new members to the Riley team, headed by experienced iron ore mine operator, Geoff Halloran as general manager, John Hall as construction and commissioning manager, and an iron ore experienced shipping officer.

“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.”

The first piece of structural steel is put in place at the Riley plant site.

Halloran is a mining geologist with 20 years’ 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 stead state production.

The company believes Halloran’s skillset is ideally suited for the successful development of the Riley Project.

Hall has more than 30 years’ experience as a project manager having worked in various roles across Australia in numerous projects and mine sites during shutdowns, construction projects and refurbishment.

Venture Minerals believes Hall’s skillset is ideally suited for the on-budget, successful and timely completion of the construction and commissioning stage of the Wet Screening Plant at the Riley Project.

Location map for the Riley Iron Ore Mine with transport route from mine gate to shipping.

Iron ore outlook

Iron ore prices have been strong throughout 2020 and into 2021 with the outlook for the rest of the year remaining positive due to continued demand generated by Chinese government infrastructure spending and ongoing supply concerns from Brazil.

Current Riley mine economics are well above August 2019 feasibility numbers which were based on a US$90/tonne 62% iron price due primarily to higher iron prices (~US$160/tonne 62% iron price) and supported by a strong iron ore market outlook.

This outlook positions Venture strongly as it looks to move from explorer to producer at Riley.

Story by ProactiveInvestors