Proactive Investors UK - Centrex Metals and Baotou Iron & Steel receive go ahead on proposed joint venture

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Epic & Msn data
Epic	CXM
Time:	09:52:08
Mid Price:	0.88
Change Today:	-0.03
Change % Today:	-2.78
Fifty Two Week High:	3.50
Fifty Two Week Low:	0.70
Market Capital:	0.69

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Additional information
Additional	Information
Market:	ASX
Sector:	General Mining
Epic:	CXM
News:	Latest news
Web Site:	Centrex Metals Limited
Other Articles:	19-11-2009 06-11-2009

Centrex Metals Limited

Centrex Metals Limited is engaged in exploration for iron ore. The Company has tenement holdings over iron ore resources and exploration targets on Eyre Peninsula in the southern Gawler Craton.

Thursday, November 19, 2009

Centrex Metals and Baotou Iron & Steel receive go ahead on proposed joint venture

Centrex Metals (ASX: CXM) has announced the Australian Foreign Investment Review Board has approved the investment by Chinese steel producer Baotou Iron & Steel to acquire up to 50 per cent of the proposed iron ore joint venture with the Australian company on the Bungalow magnetite deposit.

Under the iron ore joint venture, Baotou will pay a total of up to A$40,000,000 into a joint venture account to earn a 50% interest in the iron ore rights to Centrex’s mineral tenement EL3610 located 9 kms north of Cowell on Eyre Peninsula, South Australia.

Centrex Chairman Mr David Lindh said the FIRB approval marked yet another significant milestone for Centrex.

"The Company has announced a series of investments and government consents in the recent past that will help the Company to become a major player, over time, in Australia’s iron ore industry," Mr Lindh said.

"We have been in discussions for many months and it is very pleasing that Centrex and Baotou can now accelerate exploration at Bungalow.”

Centrex has been appointed as manager for Stage 1 and Stage 2, with a joint venture company established to manage the Bankable Feasibility Study and operations.

Centrex will be reimbursed approximately A$2.26 million out of the Stage 1 payments for exploration expenses incurred since signing the Heads of Agreement on 20th September 2007.

Baotou Iron & Steel, part of the Baogang Group based in inner Mongolia, is the tenth largest steel producer in China producing over 8 million tonnes of steel products per year.

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