Venture Minerals Limited (ASX:VMS) (OTCMKTS:VTMLF) has added operational expertise to its team with the appointment of Fergus Campbell as lead technical consultant for the Riley Iron Ore Mine.
Campbell is a mining engineer with more than 30 years of experience and has held senior executive management positions in mining contracting and resource development companies with a specialist focus on iron ore.
According to Venture, Campbell’s skillset and start-up experience is ideally suited for the current stage of development at the Riley project in northwest Tasmania.
Accelerated construction
Venture managing director Andrew Radonjic said: “Venture welcomes the addition of such an experienced iron ore mine operator to the Riley team, which will see Fergus Campbell’s skillset further bolster an already well-credentialled group of mining professionals working on the project.
“Fergus’ appointment follows the recent completion of additional funding which has accelerated the construction of the wet screening plant with fabrication work now occurring simultaneously in several workshops across Tasmania and other parts of the country.”
Riley wet screening plant
The company has sourced and secured all long-lead equipment items for the wet screening plant, has achieved a critical milestone as the project moves towards the expected first iron ore shipment next quarter.
Construction of this plant is well advanced with the steel fabrication being done by Crisp Bros & Haywards based near Launceston in northern Tasmania with the MCC being assembled by Tritec Electrical Controls & Automation at the Hobart workshop.
The bulk of the mechanical equipment has been purchased and is ready for installation on the plant site where infrastructure such as the ROM, concrete foundations and site works, including the building of an all-weather haul road to the sealed Pieman Road, was previously completed.
A four-week construction program is currently scheduled to start in the second half of March 2021.
Better Riley economics
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.
Radonjic said: “The scene is now set for the company to move rapidly towards its first iron ore shipment in order to capture these historically high iron ore prices.”
Current Riley mine economics are well above the August 2019 feasibility numbers which were based on a US$90/tonne 62% iron price while iron ore prices are now hovering around US$160/tonne.
Moreover, lower fuel prices and a strong iron ore market outlook further boost Riley mine economics.