- Venture Minerals (VMS) books its first shipment of iron ore from its Riley Iron Ore Mine in Tasmania
- This follows the completion of the commissioning phase and the wet screening plant now being fully installed and operational
- Managing Director Andrew Radonjic says this marks a major milestone for Venture as it transitions from a highly successful explorer to producer
- Once the first shipment is complete, Venture will progress towards ramping up production from one to two shipments per month
- Company shares are up 23.5 per cent to trade at 10.3 cents at 11:35 am AEST
Venture Minerals (VMS) has booked its first shipment of iron ore from its Riley Iron Ore Mine in Tasmania.
At the start of next month, the company will charter its first bulk carrier vessel with a capacity of 46,000 tonnes from a major international shipping operator.
This milestone follows the completion of the wet screening plant being fully installed and fully operational.
Venture engaged a highly experienced plant metallurgist, Johan Welmans, for the Riley Iron Ore Mine to assist with commissioning.
Now that commissioning has wrapped up and 24-hour processing is underway, Mr Welmans will assist with the continuous running of the ore processing plant to produce sufficient ore for continuous haulage to the Port of Burnie in Tasmania.
Managing Director Andrew Radonjic commented on the milestone.
“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,” Mr Radonjic said. “This marks a major milestone for Venture as it transitions from a highly successful explorer to producer.”
The vessel is expected to be loaded over four days before departing to the discharge port as designated by Venture’s offtake partner, Prosperity Steel, which is one of the largest iron ore traders in the world.
Once the first shipment is completed, Venture will continue to work on ongoing improvement programs for the following months as it ramps up production from one to two shipments per month.
Company shares were up 23.5 per cent to trade at 10.3 cents at 11:35 am AEST.