Venture Minerals source $2.5M to ramp up operations at Tullah mine

A contentious West Coast mine has raised more than enough funds to ramp up the project and begin exploring other sites, while environmentalists put political pressure on the operation.

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VENTURE Minerals has raised $2.5 million to ramp-up mining and processing at its Riley Iron Ore Mine near Tullah.

The mine has been a long time coming with hundreds attending a pro-mining meeting at the Tullah hall back in 2013 in support of the project.

The company is on site and has started dry-screening at the mine but conservationists are applying pressure asking Environment Minister Sussan Ley to investigate if it has breached the conditions of its approval.

Save the Tarkine says a condition of the approval granted in 2013 under the Environmental Protection, Biodiversity and Conservation Act was that “substantial” operations begin within five years.

There have also been protests at the mine site and two people were arrested in August.

Tarkine pro-mining rally at Tullah.

On Tuesday, Venture told the Australian Stock Exchange most of the $2.5 million raised from its heavily oversubscribed Share Purchase Plan would be used to ramp up mining at Tullah with the rest going to advance exploration at other sites.

Total applications received under the SPP, which originally sought to raise $1.5 million, amounted to $3.6 million and needed to be scaled back.

“The funds raised under the SPP are in addition to the $4 million raised in the private placement completed in August 2020 ensuring the company was well funded to progress mining at its Riley Iron Ore Mine, as well as to advance the priority exploration projects,” Venture CEO Andrew Radonjic said.

“The capital raisings completed over the past month have substantially boosted our cash reserves and allow us to continue the ramp-up of production at the Riley Iron Ore Mine to capitalise on the current high iron ore prices.

“It’s an exciting time for Venture, and we thank shareholders for their overwhelming support of the SPP and the mine.”