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Riley iron ore mine boost

iron ore Venture

The managing director of Venture Minerals is upbeat after announcing an overwhelming response to its latest capital raising.

The Western Australian minerals explorer was after 1.5 million dollars, but has raked in 3.6 million dollars from investors, a massive increase of 240%.

With iron ore prices looking more healthy, Venture is set to escalate operations at the mine near Tullah as well as invest in other exploration opportunities.

The successful capital raising comes despite environmentalists questioning whether the Riley mine is in breach of its approval conditions.

Due to the nature of the wilderness area, special provisions were agreed upon to protect local wildlife and protect the Tasmanian devil population.

Greens senator Peter Wish-Wilson highlighted concerns in parliament last week, stating that these provisions had not been met.

The 2013 permit required substantial commencement within five years of the agreement

'But pre-extraction is not considered to be 'substantial commencement' under the 2013 permit conditions and approval,' he said.

'They had to actually extract ore for it to be valid.'

Save The Tarkine's Scott Jordan, a long time protester of the site, believes that these figures do not correlate with what he has witnessed on site.

'Venture have got a long history of being very selective with what they want to put out, but clearly to say "we've raised heaps of money and we're going ahead", and at the same time you know you're pulling your machines off the site, is pretty unconscionable,' he said.

'It's had six years to get its operation up. It failed to do that. It's only viable at the very top of the ore prices. Over the last ten years, two thirds of the time, this project would've been in receivership.'

Mr Jordan says that despite the new financial figures, he will continue to push against Venture.

'This is a mine that should've never gone ahead. It's a mine that will impact on threatened species, particularly the Tasmanian Devil, and the Spotted-Tailed Quoll in the south of the Tarkine.'

'This company doesn't have valid permits, and shouldn't be granted any further permits.'