The federal approval follows the nod from the Tasmanian Environment Protection Authority (EPA) earlier in May 2013.
Approvals from the state and federal government affirm company’s commitment towards adopting best environmental practices, the company said.
The federal go-ahead, representing a milestone is an important development, the company is keen to explore the Riley mine estimated to have a potential to deliver significant near term cash flow with minimal capital risk.
Current commodity prices have made the project a high margin operation and the development of the Riley project is expected to provide major benefits to its stakeholders.
Venture Minerals has stated that the company is fully financed to commence production on its Riley DSO project, which has a life of mine cash cost estimate of A$47 per ton free on board (FOB).
In addition, Venture remains in a strong position with the Company currently holding a cash position of A$13m and an undrawn debt facility of A$15m, the company concluded.
