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Venture Minerals reviews West Coast iron ore mining plans in Brazil

Mining News - Published on Wed, 20 Feb 2019

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The Advocate reported that a new iron ore mine might open on the West Coast amid improving prices and problems in Brazil. Several parties had expressed interest in iron ore from Venture Minerals Limited’s Riley Project. It told the ASX it would review the economics of the Riley Project, near Tullah. It said that followed a significant recovery in the iron ore price and the expressions of interest.

The project, which was opposed by environmentalists led by Save the Tarkine, has been on care and maintenance since.

Venture said that “The current price is now more than 20 per cent higher in Australian dollar terms than it was upon closing.” It said the price had risen by nearly 40 per cent since December, and “with the recent events at Vale’s mines in Brazil, the current price levels could be sustained for at least the near term, which may suit the production ready nature of the Riley Project”.

Vale, the world’s biggest iron ore producer, is cutting production after a dam collapse and has further worries about dam safety

Venture said it had met all necessary requirements to start mining at Riley. “The current price metrics are favourable to a start-up at Riley and further increase in the iron ore price and/or a decrease in the Australian dollar-US dollar exchange rate will only further improve the economics of the project.”

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Posted By : Rabi Wangkhem on Wed, 20 Feb 2019
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