Centrex sells iron ore mine
CENTREX Metals has sold its South Australian iron ore assets, Wilgerup and Kimba Gap, to GFG Alliance subsidiary SIMEC Mining for a $10 million royalty.
Under the deal, SIMEC will pay a royalty upon commencement of mining, which would be capped at $5 million for each project.
If SIMEC does not commit to mining at the project within the next decade, Centrex has the option to reclaim ownership.
The sale marks Centrex’s move away from iron ore to focus on its fertiliser mining developments, including the Ardmore phosphate rock project in QLD.