Tasmania's richest person Dale Elphinstone plans to invest heavily in Tarkine miner Venture Minerals.
Venture, whose three mining proposals in the Tarkine are under assessment, announced a $17 million capital raising this morning.
Venture's managing director Hamish Halliday said "highly regarded' Elphinstone Holdings, based in Burnie, would take a $6 million stake in the company.
Mr Elphinstone was ranked 74th in this years BRW Rich 200 list.
The capital raising will be used to develop Venture's mining interests in the Tarkine and the recently discovered tin deposit Big Wilson also located in the proposed world heritage-listed site.
Conservation groups are strongly opposed to Venture's mines and have vowed to bring on a Franklin Dam like battle if they are approved by federal Environment Minister Tony Burke.