At 1.6 million tonnes (@57% Fe with low impurities) Riley is a relatively small deposit. The ore is a hematite rich pisolitic and cemented laterite.

Its location at surface (and therefore zero strip ratio) and location, less than 2km from a sealed road providing access to the north to port facilities at Burnie.

The total road distance to the Port of Burnie is 120 kilometres.

The project will employ 100 people during the construction, operational and rehabilitation phases of the project.

The proposed length of the project is two years (800,000 tonnes per annum). 

Milestones

  • The Riley Iron Ore Mine achieved steady state production to produce sufficient ore for continuous haulage to the Port of Burnie.
  • The maiden shipment of iron ore was an exciting phase for the Company, transitioning to an explorer and producer.
  • Shipment of 45,632 tonnes of iron ore with an average grade of 57.3% Fe departed the Port of Burnie
  • A bulk carrier vessel with a capacity of 46,000 tonnes was chartered from a major international shipping operator;
    • Off-take partner is Prosperity Steel United Singapore Pte Ltd, one of the largest iron ore traders in the world, to designated discharge port in China.
  •  In response to declining market conditions, Venture is completing a full review of operations at the Riley Iron Ore Mine to identify cost efficiency measures. Mining will be temporarily suspended to preserve the resource base while review is underway.

Key project details

  • The ore at the Riley deposit is at surface and there is no strip ratio.
  • The ore is free dig and is extracted by excavator in a series of sequential mining panels.
  • Mined ore is being hauled to the Run of Mine (ROM) stockpile for crushing and wet screening.
  • The depth of excavation is expected to average just 1.5 metres, with some pockets up to 4m, so a conventional open pit design is not required.
  • 90% of original equipment purchased is still on hand
  • Infrastructure for the Riley Project consists of:
      • Surface mine
      • Crushing and wet screening plant
      • Stockpile areas
      • Lay down yard, workshops and offices
      • Road network access

Resources Statement

Riley DSO Project Tasmania

ResourceTonnesFe(%)Fe(%) CalcinedSIO2(%)A12O2(%)P(%)S(%)Cr(%)I.0I(%)
Indicated2.0Mt57613.72.60.030.082.87.7

ResERVE Statement

Riley DSO Project Tasmania

ResourceTonnesFe(%)Fe(%) CalcinedSIO2(%)A12O2(%)P(%)S(%)I.0I(%)
Indicated2.0Mt57613.72.60.030.087.7