With iron ore prices hovering around US$120 per tonne (A$178) Venture Minerals is seriously considering restarting its Riley iron ore mine in Tasmania which has been on care and maintenance since September 2021. At the time of its closure, the price of iron ore was in free-fall plunging to US$80 per tonne (A$118) in late 2021.
Under the mine’s revival strategy, the company is investigating quick and cost-effective opportunities to reduce ongoing risks related to the volatility of the iron ore price.
Such strategies include employing its own staff to operate dry-hire mobile plant for dry screen benefication, limiting expensive contractual arrangements. The company plans on churning out five initial shipments of ore at low costs.
