Australian mining company Venture Minerals has secured a debt facility totaling A$15mn from BNP Paribas for its Riley direct shipping iron ore project.

The two-year revolving line of credit will essentially be a standby working capital facility for the company’s operations in northwest Tasmania.

The Riley project is one of three major mines Venture plans to develop in Tasmania. The facility will have flexible repayment and redraw options with the credit limit gradually decreasing during the facility’s second year.

“Venture is very pleased to be able to attract the calibre of BNP Paribas as project financier, which is a testament to the quality and potential of Venture’s projects in northwest Tasmania,” says Hamish Halliday, Venture’s managing director.