LOCAL magnate Dale Elphinstone has swooped into the Tarkine mining debate, with a million lift for a start-up miner.
Elphinstone Holdings plans to invest million in Tarkine mining hopeful Venture Minerals and will become a substantial shareholder.
Venture Minerals managing director Hamish Halliday said the capital raising left the company fully funded for the development and targeted commencement of its two planned iron ore projects.
“The remainder of 2012 and 2013 will be an exciting time for Venture as we move towards production at the DSO (direct shipping ore) iron ore projects and further progress the development of the Mt Lindsay project.”
Mining the flagship tin-tungsten deposit at Mt Lindsay could lead to up to 200 jobs, Venture has said.
“Under the terms of the ($15thmillion) placement, highly regarded Tasmanian-based Elphinstone Holdings has undertaken to invest $6 million in Venture,” Venture said.
“Post the capital raising, Elphinstone will emerge as a substantial shareholder in the company.”
Venture’s hopes of at least three mines in the Tarkine are meeting strong opposition from environmentalists, spearheaded by the Tarkine National Coalition.
Mr Elphinstone made his money in heavy mining equipment and astute investment.
Venture said it and Elphinstone Holdings had entered an agreement to explore ways Elphinstone could help Venture advance its projects in Tasmania.
“This involves Elphinstone providing strategic assistance with the ongoing advancement of Venture’s projects in Tasmania, being the preferred provider of mining equipment and services on a commercially competitive basis with respect to those projects and an ongoing relationship for mutual benefit.”
Tasmanian Minerals Council CEO Terry Long said there was clearly investor appetite, which was encouraging.
“I’m pleased to see Dale Elphinstone as a cornerstone investor.”
“That gives the project significant local content.”
Comment was being sought from Mr Elphinstone.
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