Centrex Metals announced the appointment of Mr. Stephane Gauducheau as its new Company Secretary replacing Ms. Leanne Ralph. This appointment has been made with immediate effect, i.e., 4 January 2019.
Mr. Stephane Gauducheau is a commercial and corporate lawyer who is bringing in more than ten years of experience as company secretary primarily in the resources and mining industry. Whereas, the departing CS Ms. Leanne Ralph had served as Centrex’s Company Secretary for the past six months but tendered her resignation today.
During the fiscal year 2018, Centrex Metals Limited (ASX: CXM) signed a contract with CDE Global for a startup modular 70 tonnes per hour wet process plant targeted for commissioning in early 2019. The start-up plant will reportedly be used to provide first shipments to customers and secure long-term off-take contracts before the ramp up to full-scale production in 2021. Moreover, the design of the plant also can get expanded to 140 tph, the full-scale rate.
Centrex’s flagship project Ardmore has recently bagged Queensland’s government approval to commence mining and processing operations at the Ardmore Phosphate Rock Project. The start-up operation is targeted to produce approximately 30,000 wet tonnes of concentrate to provide priority customers with the trail shipment of circa 5,000 to 6,000 wet tonne in the second half of 2019.
In 2018 Annual Report, the company stated as Ardmore will come into production, Centrex would move to steady revenue generation establishing a more stable platform for further growth. Also, the test work was reportedly completed in China during FY18 on the Oxley project, showing more positive results, and opportunities for efficiencies in the circuit design. It has a significant size of the 32km long deposit which indicates its potential to be a large-scale long-life asset. However, Centrex is on the lookout for a strategic investment partner to aide in Oxley’s development to focus on Ardmore.
On the accounting standards front, AASB 16 has come into effect for Centrex’s annual reporting from 1st January 2019. AASB 16 no longer differentiates between operating and finance leases concerning which type of lease is included in the statement of financial position. All leases will now be included in the financial statement, subject to the minimum threshold.
The company’s exit from Port Spencer outlines another significant activity being recently undertaken. Last week, Centrex told that it has entered into a contract with FREE Eyre Limited to sell its facility, Port Spencer located on the Eyre Peninsula in South Australia. The sale consideration was fixed to $1.4 million, and it is expected that sale will be completed in late February. With this, the company completes the withdrawal of its iron ore interests to get entirely transformed into the fertilizer business company.
In today’s trading session, there has been no daily price movement in Centrex’s stock. However, CXM last traded at $0.115 with a market capitalization of $36.3 million.
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