Ann: Half Year Accounts - 31 December 2019, page-6

Looks like Rail maybe onthe cards?? In the Advocate:

A final decision on whether Tasmania's West Coastwill get a new iron ore mine is yet to be made.

Venture Minerals Limited had hoped to start mining from its Riley deposit, near Tullah, in theDecember quarter.

As of Friday, when Venture released its half-yearlyreport, the board had yet to make a final decision to proceed to mining.

"The board's final decision will be based onupdated operating costs and on the likely price received for the Riley product,which, being a lower grade iron ore, is subject to discounts that have widenedin recent months," the report said.

Venture said it continued to work on extrastrategies to further reduce Riley operating costs.

"These cost optimisation programs focus onminimising ore handling inefficiencies, additional detailed mine scheduling andenhancing the logistics chain for transporting, including an application to goto 24-hour tracking," Venture said.

In January, managing director Andrew Radonjic saidsupply chain agreements had delayed the start of extraction and shipment.

In early February, Venture hoped to startproduction in the current quarter and it maintained that target in thehalf-yearly report.

The report said Venture was continuing to finalisenegotiations about accessing a privately held bitumen road.

It said it would name a preferred road haulagetenderer when the agreement was complete.

"Port access agreements are well advanced andpositive ongoing discussions continue with shipping brokers regardingavailability of ships for the Riley product, which is now targeted for thefirst quarter of 2020," the report said.

Coronavirus is another potential complicatingfactor, especially its implications for future iron ore prices and demand.

The price plunged from late January as economicworries about the virus took hold, but have since regained most of the lostground.

Venture reported a loss of $2.82 million for thehalf-year.

It had $1.96 million in cash and cash equivalentsas at December 31.