Venture Minerals Ltd (ASX:VMS, OTC:VTMLF) has received Tasmanian Environment Protection Authority (EPA) approval to move to a 24-hour trucking operation for the transportation of iron ore from its Riley Iron Ore mine to the port of Burnie.
The company, however, clarifies that final approval is still pending Federal Government (EPBC) sign off.
Judicial review
Venture has also received notice of a judicial review against the EPA’s decision to vary the permit to 24-hour trucking.
According to the company, this does not affect current operations or existing approvals, which allow it to continue to truck ore to the port during daylight hours.
Shares today have been as much as 11.7% higher to 8.6 cents primarily due to improved iron ore prices while Venture’s market cap at pre-open was approximately $102.7 million.
READ: Venture Minerals will send off first iron ore shipment in early September
Last week the company booked its first shipment of iron ore following the completion of plant commissioning and achievement of steady-state production.
A 46,000-tonne capacity bulk carrier vessel has been chartered by a major international shipping operator.
Venture’s offtake partner and one of the world’s largest iron ore traders, Prosperity Steel United Singapore, will designate the discharge port in China.
“Major milestone”
Venture managing director Andrew Radonjic said: “Venture already has a significant stockpile of iron ore ready to ship.
“The achievement of steady-state production and consequently continuous ore haulage has enabled us to immediately charter a bulk carrier vessel to load and deliver the first shipment,” he said.
“This marks a major milestone for us as we transition from a highly successful explorer to producer.”
Improvement programs
The company began commissioning its wet screening plant in May and this is now operational with 24-hour processing underway.
Venture plans to work on continuous improvement programs for the following months as it ramps up production from one to two shipments per month.