*ABC Pic: The buck (should) stop here … Minister for Resources Paul Harriss and Premier Will Hodgman …
Venture Minerals shares have continued their downward plummet to a new record low today of two cents. This is 96% below the January 2011 high of 54 cents.
Despite Venture CEO Hamish Halliday still promoting the now discredited 2012 bankable feasibility study for Mt Lindsay proposed mine in the Tarkine, all four ores that Venture intend to extract at Mt Lindsay have fallen dramatically.
From the 2012 prices quoted by Venture, iron is down 56%, tin is down 35%, tungsten is down 38%, and copper is down 26%.
According to the 2011 EPBC Act referral documents, iron ore will make up 95% of the ore trucked from Mt Lindsay.
“Venture Minerals are still telling investors to expect $554million in profits based on 2012 figures. At 2015 ore prices, Mt Lindsay represents around $104million in losses”, said Save the Tarkine Campaign Coordinator, Scott Jordan.
“To proceed, the Mt Lindsay mine requires Venture to access $198million in financing, which is unlikely against a loss making business plan.”
“Investors are running for the lifeboats”.
Venture have over the past two years received $3.71million in tax rebates despite never having payed a cent in tax or royalties. CEO Hamish Halliday has taken a salary package of $995,000 over that period, including $282,663 in bonuses.
“Venture are mining the taxpayer, and the Minister for Resources is complicit in allowing it to happen. Where was the due diligence?”.
Under the Mineral Resources Development Act 1995, for a mine lease to be granted, the Minister must be satisfied that the holder has the technical and financial capacity to undertake the proposed mine.
“Minister Harriss should have his two cents worth for the people of Tasmania, and show Venture the door”.
• Mike Adams, in Comments: Only one in five of TAP members was a born and bred Tasmanian. If that doesn’t tell you about submissiveness or apathy by the general public nothing else will. Our pollies are stuck with the desperation of finding a project that will employ workers/voters with low educational levels and are prepared to clutch at straws and throw our money at any charlatan who promises to do just that. Every pollie is convinced that beggars can’t be choosers and has that as an unofficial motto for Tasmania
• Carol Rea, in Comments If share price indicates a company’s worthiness of owning an exploration licence then Petragas a wholly owned subsidiary of Petratherm should not have a shale oil and gas exploration licence over 3700 square kilometres of Tasmania. According to the ASX and their own website their share price is $0.00
