Venture Minerals has suspended mining at Riley Iron Ore Mine in Tasmania after completing the first shipment of iron ore amid worsening market conditions.
The first shipment of 45,632 tonnes of iron ore departed from the Port of Burnie and is bound for China through off-take partner Prosperity Steel United.
In an ASX Announcement, the company revealed that it will conduct a review of the mine during the temporary suspension of mining activities in response to the declining market conditions to determine what cost efficiency measures need to be undertaken.
According to Managing Director Andrew Radonjic, with tin at record prices, Venture Minerals will be ramping up operations at the Mount Lindsay Tin-Tungsten Project in the meantime.
“Our inaugural shipment marks a significant milestone for Venture Minerals and is the culmination of considerable efforts by all stakeholders to successfully establish a resource base, secure environmental and transportation processing plant construction, commencement of mining and ore hauling and now first commercial iron ore shipment,” said Mr Radonjic.
“I would like to express my appreciation to the Federal, Tasmanian State and Local Governments for their continuing support and recognition of the Riley Iron Ore Project, as well as the Company’s flagship Mount Lindsay Tin-Tungsten Project.”
