Venture Minerals has halted plans to produce direct shipping iron ore at its Riley project, which could have helped finance construction of its planned Mt Lindsay tin-tungsten project in Tasmania. The company has been involved in a long-running legal battle with the environmental group Save the Tarkine, which has delayed a start to iron ore mining by over a year.
In a statement Venture MD Hamish Halliday said: “After receiving full approvals for the project in 2013 and having secured financing, including an iron ore hedge facility at a time of higher iron ore prices, Venture was well placed to fully underwrite the life of the project. It’s therefore with regret that ongoing appeals have delayed the project and deprived shareholders and the Tasmanian community of this opportunity in the medium term.” Mr Halliday added that the company would continue to monitor the situation closely. “Venture remains well placed to take advantage of any change in the circumstance that would support a production decision at the Riley project,” he said. “In respect to the Mt Lindsay tin/tungsten, the company continues to progress and evaluate financing options for the development of its flagship asset.”
