Centex Metals, WISCO to Develop Port Spencer (Australia)

Centrex Metals holds iron ore rights over 16 exploration licence areas on the Eyre Peninsula and is developing the Eyre and Bungalow Magnetite Joint Venture Projects, which host combined Inferred Resources of greater than 700 million tonnes and provide significant additional exploration potential at both project areas.

These projects have financial support from major Chinese steel manufacturers, with Wuhan Iron and Steel “WISCO” partnering at the Eyre Project and Baotou Iron and Steel partnering at Bungalow.

Port Spencer Joint Venture

Centex Metals has also established a 50/50 Joint Venture with WISCO to develop Port Spencer, which has been designated as holding “major project status” by the South Australian Government. A Public Environmental Report is being prepared that will incorporate design work for port facilities for submission to regulators for an approval to commence construction that is expected in the first quarter of the coming calendar year.

The Port facility will allow direct loading of vessels that can handle a water depth of 20 metres, and will be located 500 metres from the shoreline. The Port will require no dredging, and have a multi-use capability that will also handle shipping of local agricultural production, and have a total capacity of 20 million tonnes per year.

The partners expect to complete a Bankable Feasibility Study and receive Development approval for Port Spencer in 2012.

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Dredging Today Staff, February 21, 2012