Venture Minerals has won the right to truck iron ore around the clock from its Riley mine to the port of Burnie in Tasmania after the state’s Supreme Court overturned all three grounds of a legal challenge. The initial challenge by the Tarkine National Coalition, or “TNC” was directed at the Tasmanian Environment Protection Authority who had previously granted approval for 24-hour trucking movements from Venture’s Riley iron ore mine.
Venture said it will now prepare a court submission in relation to the recovery of its costs from TNC.
The company suspended operations at the Riley iron ore mine on 17 September 2021 citing adverse market conditions. The mine remains on care and maintenance.
However, management says its Riley mine is being maintained in excellent condition and is ready to recommence operations when market conditions are suitable. The company argues it continues to operate within the mine permit conditions in a manner respectful to the environment and community.
The Riley iron ore deposit is a direct shipping ore, or “DSO” surface pisolitic and cemented laterite horizon iron containing the mineral haematite. It is located in northwest Tasmania only 10km from Venture’s Mount Lindsay tin-tungsten deposit containing over 80,000 tonnes of tin.
Production at Riley was scheduled at 800,000 tonnes per annum for two years with a low impurity haematite product grading 57 per cent iron. It commenced production with a shipment of 45,632 tonnes of iron ore with an average grade of 57.3 per cent iron before deteriorating market conditions lead to suspension of operations.
Venture’s Livingstone DSO hematite iron ore project contains a resource of 2.2 million tonnes at 58 per cent iron 3.5km from its Mount Lindsay tin-tungsten deposit with the project consisting of an outcropping hematite cap overlaying a magnetite-rich skarn.
The court win opens up more export possibilities for Venture upon resumption of mining operations.
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