Media Release: Venture Minerals tells two tales on Riley Creek mine...and they can't both be true.

The Bob Brown Foundation has questioned the contradictory statements by Venture Minerals regarding activity on its Riley Creek mine lease in takayna/Tarkine.

“Venture Minerals are silver tongued opportunists whose plan is to smash and grab in one of the world's great wild places. Projects like Riley Creek are only viable with short term, artificially high, shock induced iron ore prices, as we are seeing now as a result of COVID-19 shutdowns of major mines in Brazil.  Just like Shree Minerals who shut up shop just 9 months after commencement in the northern region of takayna / Tarkine, this mine will collapse with the return to normalised ore prices and like Shree will leave behind an environmental legacy of acid mine drainage, loss of habitat and scarred landscapes,” said Bob Brown Foundation takayna/Tarkine Campaigner Scott Jordan.

In four Annual Compliance Reports to the Department of Environment, and in at least nine separate statements to the ASX, Venture Minerals has stated that they did not commence extraction of ore, avoiding expenditures on permit commitments. Now when faced with expiry of their permits for not commencing extraction, Venture Mineral's claim that they did extract 10,000 tonnes of ore providing salvation to their permits.

"Evidently both statements can't be true, and on the balance of evidence including satellite images and company reports, it appears clear that there was no extraction of ore under these permits", Scott Jordan said.

"We believe there is a serious misconduct here and Venture Minerals and it's directors must be held accountable. A Director making a false statement in relation to EPBC Act permit compliance carries a sentence of up to two years gaol, and making false or deceptive statements to the market up to ten years gaol,”  Scott Jordan said.

"Venture appears to be misrepresenting actions taken as part of its previous exploration license as evidence of ore extraction under the EPBC permit, despite these completely separate actions occurring prior to the granting and activation of permits, and in the bulk of actions occurring even before the application for the EPBC and LUPA permits,”  Scott Jordan said.

The Bob Brown Foundation has lodged complaints with both the ASX and the Australian Securities and Investment Commission.

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  • Ani
    commented 2020-08-19 00:01:29 +1000
    Hi, and wow. This is certainly a worry. To read their website and sharemarket reports, Venture seems like such a responsible small cap since 2014; training staff in the safe care/spotting/safe relocation of sick and injured Tasmanian Devils, sponsoring the program and even sponsoring local sport and dance programs for local rural and remote children. So can you please clarify;
    • What is the date on this media release? (eg At the time of posting this comment I can’t see any date on this post at all, so I’m wondering if it is part of the old 2003 negotiations…? Or else the first comment was only 5 days ago, presumably in Aug 2020, unless there is a glitch in the date generator on the post, perhaps?)
    • What is the expiration date of the permits you are referring to? eg is it pre 2014 to coincide with the end of the first set of negotiations, or perhaps a more recent expiry time prior to 2020?
    • What was the commencement date of the permissions?
    I ask this because the article seems to be recent, and Id like to share it, but the dates don’t seem to make sense unless this is an old archived topic…

    eg -if the permits were dated from 2003 to 2020 – then 4 years without production still leaves 13 years where extraction may have occured, perhaps..?

    So any clarification on these dates will help to eliminate the ambiguity and help clarify it for sharing please..?
    & Cheers :)
  • Peter Rohrlach
    commented 2020-08-13 21:43:49 +1000
    Good on you and the foundation for making a stand on this. Is there anyone in the mainstream media that can help publicise the issue?