Venture Minerals (ASX:VMS) has been granted a mining lease for its Riley direct shipping ore iron project in Tasmania.
The lease was granted by the state's Minister for energy and resources and will pave the way for Venture to become a producer in northwest Tasmania.
The Riley DSO project is a surface hematite deposit located immediately adjacent to existing infrastructure including a sealed road which can access an existing rail and port facilities.
The mining lease follows Venture meeting a number of milestones including a doubling of its resource base, a maiden reserve statement and more recently putting in place financing that would enable it to fully fund the project through to production.
Production at the project also appears viable as the deposit is not only close to accessible infrastructure but also is entirely at surface that reduces operating costs while minimising adverse environmental impact.
Venture is in discussions for both transporting and potential off take of the ore, both of which are likely to be completed early next year.
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