Venture Minerals (ASX: VMS) will start work to bring its Riley DSO Hematite Project in Tasmania into production during the second half of 2013 following the dismissal of the appeal against State Approvals for the project.
Riley, located in northwest Tasmania, has life of mine cash cost of $49 per tonne FOB Port of Burnie and Probable Reserve of 1.8 million tonnes at 57% iron.
The Resource Management and Planning Appeals Tribunal dismissed the appeal against the development approval for Riley, giving the company unencumbered approvals to start mining.
The focus for the company over the coming weeks will be the commencement of site works and pre-production ramp up at Riley as well as advancing negotiations on off take for the sale of ore.
It is sticking to its schedule of being in production within the second half of 2013.
The Riley deposit is all at surface, located less than 2 kilometres from a sealed road that accesses existing rail and port facilities.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.