Australia-based Venture Minerals has announced that it has signed an agreement with Australian mining and energy company Goldvalley Brown Stone for the sale of its wholly owned subsidiary Venture Iron Pty, which owns the Riley Iron Ore Mine project located in Tasmania.
Following a strategic review that considered all options, including a potential restart, joint venture or asset sale, Venture Minerals has found that the sale of the project, which has been on care and maintenance since 2021, would be more profitable for shareholders.
The sale is expected to be completed on July 8 and, upon completion, Venture Minerals will transfer 100 percent of shares in Venture Iron to Gold Valley for a consideration of $3 million.