The Perth-based exploration company is also set to engage Qube to provide Burnie Port services to deliver iron ore from the Riley mine gate to the ship.

Venture stated that appointing Qube as Riley ore transport provider will increase the efficiencies for one of the project’s key cost centres.

“This one stop shop approach will increase efficiencies and reduce costs which is all important when mining bulk commodities,” Venture managing director Andrew Radonjic said.

“The ore transportation component of the Riley iron ore mine operations provides for the majority of the circa 100 jobs that will be created by this project on the west coast of Tasmania.”

Venture stated that Qube’s safety record, along with its “impressive” real-time monitoring of vehicle movements, was an important part of its selection criteria.

The company is transitioning from explorer to producer as the Riley mine progresses towards production.

Venture is also looking to raise up to $1.5 million via a share purchase plan that is priced at $0.031 per share.