Venture signs Livingstone rail deal

Perth-based Venture Minerals says it will fast-track the development of its Livingstone direct shipping iron ore project, after entering a rail haulage agreement with Tasmanian Rail.

Venture announced today it had signed a memorandum of understanding with TasRail regarding the transport of around 1 million tonnes per year of direct shipping ore from the mine to the Tasmanian port of Burnie.

Under the agreement the ore would be trucked from the Livingston mine to the rail line at Bastyan Dam before being taken to port via TasRail’s rail network.

Venture managing director Hamish Halliday said the haulage agreement was a major step for the company as it seeks to fast track development of the Livingstone project.

“We are very pleased with the progress made over the past six months on both our DSO project and our flagship Mt Lindsay tin/tungsten project and anticipate a very exciting year ahead for the company,” Mr Halliday said in a statement.

Mr Halliday said the company was in the final stages of completing a bankable feasibility study for Mt Lindsay, with the report due for completion in the first half of this year.

At 10:50AM WST, Venture shares had gained 3.08 per cent, to trade at 33.5 cents.