Valor Mortis generally hands over keys that are required to progress the story. James does that for the first 2-3 chapters to unlock newer regions to explore; and even there, for side quests, the Key is generally placed so that you can find it and progress. Except for the Mining Shaft key.
In Chapter 4 of Valor Mortis, when trying to run between mines and making your way through the Mine Route, you may have come to a door asking for a Mining Shaft Key. Ignoring that does not look to impede your quest progress, but finding it, and the door that opens does give you a powerful upgrade item; so it’s best to get these done.
Here is how to get, and use the Mining Shaft Key in Valor Mortis. This part is best done after all shortcuts have been unlocked for all the Lanterns, this makes backtracking much easier.
Mining Shaft Key Location in Valor Mortis

The Mining Shaft key is located next to a corpse, as you are taking the elevator from the Old Mine Lantern. From this Lantern, head right, and use the elevator to go down. You will notice a shiny on one of the ledges. Now, get the elevator to go back up again, and be ready to jump as soon as you see the corpse and the shiny go by. Get the key, and jump down on your right to land safely. You can use the elevator to go back to the Lantern.
Where to use the Mining Shaft Key

Start from the Old Mine Lantern, and use the same elevator to go down. This time, get past the cart and use the ladder straight ahead.

On your left, is the door that unlocks with the Mining Shaft key. Straight ahead, you will see another elevator. There are two points to get down from the elevator.

For the first, get ready to jump down the moment you see an open area. There will be a chest here that contains Pure Blade Material. Not bad, but we are going to get something even better.

This time, take the elevator all the way down. Take care of the Spewer on your left.

Then, go left, and swing across the 2 ledges to get to the other side. Grab the Whetstone, and a Volunteer will rush to attack you.

Dispose him, and loot the chest that he was guarding to get the Ferrofluid Flask Power Upgrade.
With that, you can now return to progressing the main story, we are done with the Mining Shaft key uses.
