Venture Minerals management have confirmed the company’s worst kept secret, that the company cannot progress any of their three proposed Tarkine mines due to purely economic reasons.
In posts on the mining investment blog, hotcopper.com.au, a reported conversation between Venture management and the colourfully monikered shareholder ‘Gobbledok’ has confirmed that Riley Creek cannot proceed without sustained iron ore prices above $80US/tonne, and that low tin prices have rendered the Mt Lindsay project unfinancable.
Venture CEO Hamish Halliday still promoting the now discredited 2012 bankable feasibility study for Mt Lindsay proposed mine in the Tarkine, despite prices for all four ores that Venture intend to extract at Mt Lindsay falling dramatically in the past three years. Iron is down 56%, tin is down 35%, tungsten is down 38%, and copper is down 26%.
“Venture Minerals false promises have been exposed. It is the worst kept secret in mining that Venture’s projects can’t proceed”, said Save the Tarkine Campaign Coordinator, Scott Jordan.
“It’s time for Government to accept that it was sold a pup, and turn off the subsidy tap.”
Venture have received $5.8million since 2009 in Commonwealth cash rebates for it’s exploration activity, and has paid CEO Hamish Halliday $3.4 million in salary, including $1.3 million in bonuses.
Venture has never paid company tax, or paid royalties.
“We urge the Commonwealth Government to review tax laws allowing this rorting of tax rebates that funds destruction of wilderness like the Tarkine, and we call on the Tasmanian Government to revoke exploration licences to companies like Venture Minerals who are clearly mining the taxpayer”.
“To allow Venture Minerals to continue mining the taxpayer through two more rounds of rebate funded drilling in the Tarkine wilderness is madness, and the Minister for Resources Paul Harriss has the power to end this now”.
“If he won’t act for the environment, then he should act to end this drain on the taxpayer.”
The hotcopper.com.au posts can be found at:
http://hotcopper.com.au/threads/milne-resignation.2510484/page-16?post_id=15273452#.VVUV2ZOWnKg
and
http://hotcopper.com.au/threads/milne-resignation.2510484/page-18?post_id=15274527#.VVUV2pOWnKg
• Andrew Wilkie: A statement regarding an iron ore inquiry
• Ted Mead, in Comments: Hi Scott – How apt is this article for me. I was just thinking of writing something similar but am awaiting the outcome of the current trespass charge against me by Venture Minerals. It seems that do want to prosecute people that wander on public land after all. – Somehow I don’t think that will help there current paltry share price skyrocket on the ASX. To be continued!!!!!!!!
