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Ardmore Phosphate Rock Project Newsletter Ardmore Phosphate Rock Project Newsletter Aug 2019

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Ardmore Phosphate Rock Project Newsletter Ardmore Phosphate Rock Project Newsletter Aug 2019 Edition 03 Ardmore Phosphate Rock Project Newsletter Ardmore Phosphate Rock Project Newsletter Aug 2019 Ardmore Phosphate Rock Project Recent Developments Our project is focused on the development of the 1. Optimisation work on the Feasibility Study has Ardmore phosphate deposit which is located 23km resulted in an improvement in the project’s west of Dajarra in NW Queensland and is one of the financial metrics including a 56% increase in few remaining undeveloped high-grade phosphate pre-tax Net Present Value to A$296m and a rock deposits in the world. The deposit was discovered reduced payback period of 1.8 years. by Broken Hill South in 1966 and subsequently purchased https://www.asx.com.au/asxpdf/20190228/pdf/44324whvq94dq6.pdf by Centrex from Incitec Pivot Limited in 2017. 2. Commenced site works at Ardmore for the Start-up operation (see below) Centrex intends to develop Ardmore into a mining 3. Two contracts to provide 5,000 tonnes of product and processing operation producing approximately (10,000 tonnes collectively) from the Start-up 800,000 tonnes per annum of phosphate rock concentrate operation have been executed with leading New for export to regional markets, as well as supplying the Zealand fertiliser groups. domestic market. 4. Qld government announcements in recent state The project has a life of approximately 10 years based budget included: on current reserves. $20 million/year rail access subsidy for next four years on the Mount Isa to Townsville rail line which will support the project through reduced below rail access charges; $30 million contribution towards construction of a new container terminal at the Port of Townsville which will deliver further port Figure 1: Ardmore Project location options for Centrex; These are in addition to the previous announcement of $380 million in funding over five years to improve the rail line. CENTREX METALS LIMITED Phosphate Market Current phosphate rock price forecasts sourced from market research specialist CRU indicate positive real term growth in the global market over the life of project, with increasing premiums for high-grade product due to limited supply in the segment. CRU has forecast phosphate rock prices to continue rising until 2023 as supply begins to tighten and production costs increase Figure 2: CEO Simon Slesarewich addressing the media at the Port of Townsville with (L to R) Deputy Premier and Treasurer, the Hon Jackie in China due to implementation of new environmental Trad; Minister for Communities, Disability Services and Seniors and Member for Mundingburra, the Hon Coralee O’Rourke; Mr Scott Stewart, management practices. Centrex believes the upside in Member for Townsville; the Hon Mark Bailey, Minister for Transport and Main Roads; and Mr Aaron Harper, Member for Thuringowa premium grade phosphate rock supply is supported, Start-up Operation Progress with customers ceasing to purchase Morocco’s premium The modular wet processing plant has been delivered grade rock from its mines in the disputed Western Sahara to site and construction of the site roads, pads, region. Supply from the region is the dominant source concrete works and plant has been underway since of premium grade rock to the local markets. late May. Construction of the processing plant is The toxic heavy metal cadmium is also becoming an almost complete. increasing focus for the industry, with the proposed The bore field for the processing plant has been tightening of allowable import limits in Europe. This drilled. Work on connecting the borefield to the is likely to spread to other markets that Centrex is plant will commence later this year. targeting for export. Ardmore has ultra-low cadmium Figure 3: Processing Plant Installation at Ardmore CENTREX METALS Level 6, 44 Waymouth Street T +61 8 8213 3100 ABN 97 096 298 752 Adelaide, South Australia 5000 F +61 8 8231 4014 WWW.CENTREXMETALS.COM.AU CENTREX METALS LIMITED levelslevels unlike unlike competing competing premium premium grade grade rocks rocks currently currently StartStart-up- miningup mining H2 H22019 2019 beingbeing imported imported by theby the local lo calmarkets, markets, providing providing further further StartStart-up- shipmentsup shipments to customers to customers H1 H12020 2020 priceprice upside upside if industry if industry cadmium cadmium restrictions restrictions tighten. tighten. Final Investment Decision for project Final Investment Decision for project LateLate 2020 2020 go aheadgo ahead FullFull-scale-scale construction construction (12 (12months) months) 20212021 ProductionProduction to commence to commence LateLate 2021 2021 Meanwhile,Meanwhile, a major a major amendment amendment of the of the Environmental Environmental AuthorityAuthority granted granted by theby the Queensland Queensland government government in in DecemberDecember 2018 2018 is being is being prepared prepared for forthe the purpose purpose of of fullfull-scale-scale operations operations along along with with other other necessary necessary FigureFigure 4: Historical 4: Historical and andforecast forecast phosphate phosphate rock rock benchmark benchmark pricing pricing approvalsapprovals covering covering road road use use and and the the rail rail siding siding NextNext Steps Steps developmentdevelopment at Duchess.at Duchess. Ongoing Ongoing environmental environmental studies,studies, including including groundwater groundwater monitoring, monitoring, will will support support OverOver the the next next six sixmonths months the the establishment establishment of theof the 70 70 thethe continuing continuing approvals approvals process. process. tonnetonne per per hour hour processing processing plant plant will will be becompleted completed alongalong with with the the preparation preparation of areasof areas for forthe the start start-up- up mining,mining, temporary temporary stockpiling stockpiling of overburdenof overburden and and ore ore andand temporary temporary tailings tailings storage storage facility. facility. Mining, Mining, crushing crushing andand stockpiling stockpiling of oreof ore is scheduled is scheduled to beginto begin late late this this yearyear followed followed by processing.by processing. TheThe phosphate phosphate rock rock concentrate concentrate will will then then be betrucked trucked to Mountto Mount Isa, Isa, railed railed to the to the Port Port of Townsville of Townsville and and shipped shipped to toprospective prospective regional regional customers customers including including New New Zealand.Zealand. Favourable Favourable customer customer trial trial results results and and subsequent subsequent securingsecuring of offof -offtake-take agreements agreements will will be berequired required to to underpinunderpin project project financing financing for forfull full-scale-scale operations. operations. FigureFigure 5: Infrastructure 5: Infrastructure layout layout ML5542 ML5542 CENTREX METALS Level 6, 44 Waymouth Street T +61 8 8213 3100 ABN 97 096 298 752 Adelaide, South Australia 5000 F +61 8 8231 4014 WWW.CENTREXMETALS.COM.AU In the Community Centrex continues to hold community information sessions in Dajarra. These provide a forum for the local and regional community to hear about the latest developments and plans for the project, discuss concerns regarding potential project impacts and learn about the opportunities that the project will provide. The next session will be held on 4th September 2019 and all members of the community are invited to attend. Figure 6: Groundwater Monitoring at Ardmore CONTACT US MORE INFORMATION Periodic project community updates will be made available through the REGISTERED OFFICE Centrex website at the following link: Level 6, 44 Waymouth Street http://www.centrexmetals.com.au/community/ Adelaide, SA 5000 T +61 8 8213 3100 Regular project updates (including technical information) are also available in the form of F +61 8 8231 4014 the releases made by Centrex to the Australian Securities Exchange. If you would like to be added to the list of email subscribers please use the following link and click on “subscribe” SHARE REGISTRY http://www.centrexmetals.com.au/contact/ Boardroom Pty Ltd Level 7, 207 Kent Street EMPLOYMENT OPPORTUNITIES Sydney, NSW 2001 Employment opportunities will be limited prior to the start of full scale production. In the meantime please feel free to register your interest and resume using the link below (note: T 1300 737 760 select “Careers” for the purpose of enquiry): http://www.centrexmetals.com.au/contact/ .
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