Venture to ship first iron ore cargo after reaching steady production
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Venture has booked a bulk carrier vessel to ship its maiden iron ore cargo in September after achieving steady state production at its Riley mine in Tasmania.
The company noted that reaching steady state production means the Riley mine will now produce sufficient ore for continuous haulage to the Port of Burnie.
This also led Venture Minerals (ASX:VMS) to charter a vessel with a capacity of 46,000 tonnes from a major international shipping operator for arrival on the week commencing 6 September 2021.
Once the ship is loaded, it will depart to the discharge port designated by its offtake partner Prosperity Steel, one of the largest iron ore traders in the world.
“Through the now completed commissioning of the plant, Venture already has a significant stockpile of iron ore ready to ship,” managing director Andrew Radonjic explained.
“The achievement of steady state production and consequently continuous ore haulage has enabled the company to immediately charter a bulk carrier vessel to load and deliver the first shipment.
“This marks a major milestone for Venture as it transitions from a highly successful explorer to producer.”
Venture noted that once the first shipment is completed, it will work on continuous improvement programs for the following months as it ramps up production from one to two shipments per month.
The Riley iron ore mine is located 10km from the Mount Lindsay Tin-Tungsten deposit and immediately accessible ore reserves of 1.6Mt at 57% iron with low impurities.
The reserves are located at surface and only simple processing is required to produce a saleable product.
This article was developed in collaboration with Venture Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.