Ann: Dry Screening Operations commence at the Riley Iron Ore Mine, page-37

VMS are

Movers and shakers according to Angela East' report elsewhere:

In the iron ore space, Venture Minerals (ASX:VMS) this week started dry screening and associated mining operations at its Riley direct shipping ore mine in Tasmania.

With spot iron ore prices hitting a seven-year high, the project economics are sitting much higher than forecast as the company nears production.

An August 2019 feasibility study estimated the Riley mine would deliver a post-tax cash surplus of $31m over the two-year production life, but that was using a base case of $US90 ($123) per tonne for 62 per cent iron ore.

Iron ore is priced on three grades: 58 per cent (low grade), 62 per cent (benchmark) and 65 per cent (premium grade).

The Riley mine is only a small deposit, around 2 million tonnes, but it is direct shipping ore (DSO).

DSO refers to minerals that are high grade and require only minimal processing such as crushing before they are exported, which keeps costs low.

“At $US125 ($171) a tonne iron ore, it looks like their surplus now is well over $60m over two years,” Le Page said.

He predicts these improved economics will help drive Venture’s share price up from the low-3c-per-share mark it is now to high-4c-per-share “pretty soon”.

“They’ve still got a bit of work to do on financing the wet screening plant, but I think that’ll come,” Le Page said."