Venture Minerals begins Riley Iron Ore Mine plant commissioning with first shipment on track this quarter
Venture Minerals Limited (ASX:VMS) (OTCMKTS:VTMLF) has begun commissioning the wet screening plant at its Riley Iron Ore Mine in Tasmania after completing various stages of the installation phase.
A total of 100% of the structural steel has been erected, 100% of the mechanical installation has been completed, and the power station is now operational with electrical installation and piping near completion.
As commissioning continues, previously mined ore will be put through the plant, as part of the process of ramping up towards steady state production to meet the target of first ore shipment this quarter.
“First ore shipment on track”
Venture Minerals managing director Andrew Radonjic said: “Venture’s Riley development team has successfully commenced commissioning of the plant.
“Achieving this milestone of the installation schedule for the plant, keeps the first iron ore shipment on track for this quarter.
“The recent record iron ore price makes it a perfect time for the company to transform from explorer to producer.”
Shares have been as much as 12.5% higher to A$0.135s, approaching the new A$0.14 high of more than seven years established earlier this month.
Location map for the Riley Iron Ore Mine with transport route from mine gate to shipping.
Strong iron ore market outlook
Venture continues to prepare for full operational start-up as the plant nears completion and the company will recommence mining activities this week with Launceston-based Shaw Contracting, whilst Qube began preparation for the commencement of ore haulage.
Current Riley Mine economics are well above August 2019 feasibility numbers which were based on a US$90/tonne 62% iron price, primarily due to higher iron prices of around US$210/tonne 62% iron price (based on spot pricing of US$209 per tonne as of May 14, 2021, referenced to the Platts 62% Fe Iron Ore index) and supported by a strong market outlook.
Notably, the outlook for iron ore prices for the rest of the year remains positive due to continued demand generated by Chinese government infrastructure spending and ongoing supply concerns from Brazil.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/949567/venture-minerals-begins-riley-iron-ore-mine-plant-commissioning-with-first-shipment-on-track-this-quarter-949567.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).