Australia is the world's top producer of iron-ore, almost all of which comes from the ancient Pilbara region in the country's west.
But strong Chinese demand and Brazilian supply constraints have propelled iron-ore prices to decade-highs above $175 a tonne this quarter, allowing projects in less-conventional areas to become economic.
Venture Minerals expects its Riley project to create more than 100 jobs, and inject about A$100-million into the state's economy over the mine's life. Share of the base metal explorer are up by more than 50% since early December to A$0.058.
The company is on track to deliver its first shipment from the Riley project in the state's west in the second quarter, having raised A$10 -million to build a processing plant and haul road, according to a Venture Minerals' presentation lodged with the Australia Stock Exchange on Thursday.
The project, however, has sparked the ire of conservationists with protesters reestablishing a presence in the area this week, as the Bob Brown Foundation calls for World Heritage listing of the area.
