A memorandum of understanding between the two companies was signed last week, with a formal agreement expected in the next few months.

When the agreement is finalised, the state government-owned rail company would transport direct shipping ore from the Livingstone deposit on the West Coast to the Port of Burnie.

Under the agreement, about 1 million tonnes of ore would be trucked from the mine to the rail line at Bastyan Dam, with storage and rail loading facilities there.

The ore would then be hauled to the Burnie port via TasRail's network.

Storage for a minimum of 50,000 tonnes of direct shipping ore at the port and ship loading were also in the agreement.

``The transport solution is a major step forward for the company as it seeks to fast-track its DSO project and deliver significant early cash flow,'' Venture managing director Hamish Halliday said.

``We are very pleased with the progress made over the past six months on both our DSO project and our flagship Mount Lindsay tin-tungsten project and anticipate a very exciting year ahead for the company.''

Venture had been in discussions with TasRail to determine an efficient transport solution for the direct shipping ore since last year, following a successful maiden resource statement and scoping study at the Livingstone deposit.

Venture is also in the final stages of completing a bankable feasibility study on its Mount Lindsay tin-tungsten deposit, which is expected to be completed by the middle of the year.