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Venture Minerals announces milestone

Kitco News

Venture Minerals (ASX:VMS) announced today that its dry screening operations commenced at the Riley Iron Ore Mine in Tasmania.

The company said that its current Riley Mine economics are well above August 2019 feasibility numbers, which were based on a US$90/tonne 62% Fe price due to higher Fe prices and lower fuel costs.

The company now estimates a A$31 million cash surplus over two-years production.

Venture is now finalising financing option discussions, including a debt facility to fund construction of the wet screening plant at Riley.

The company also continues to focus on concluding the road haulage tender process, as well as achieving more efficient ore handling logistics, including finalising negotiations on gaining access to other on-wharf storage.

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