(MENAFN - ProactiveInvestors - Australia) Iron ore developer Centrex Metals (ASX: CXM) is Chinese backed and moving a suite of projects in the Eyre Peninsula of South Australia forward at speed.
Centrex has also made some senior management changes, with the experienced Phillip Staveley to assume the new role of General Manager of Centrex from July 1, responsible to the chairman and the board.
Staveley brings experience from senior roles have included nine years with Normandy Mining in Australia, Brazil, Chile and Canada.
The appointment will allow current managing director, Jim White, to step down from full-time duties due to health issues. White will however continue as a part time executive director as the company gears up to bring its first iron ore mines into production.
The board of Centrex said that Staveley's skillset and experience are ideally suited to the next stages in the company's growth and the development of its exploration, mining and infrastructure joint venture on the Eyre Peninsula.
Milestone maiden Indicated Resource delivered at Fusion
Centrex has been up the milestones in 2012, which included a maiden Indicated Resource for the Fusion magnetite iron project - which is part of the Eyre Peninsula Joint Venture.
In total Fusion has a mineral resource of 499 million tonnes, and highlighting the likelihood of upgrades in the near term - the joint venture currently has an ongoing 108,000 metre diamond core drilling campaign - targeting Ore Reserves for the life of mine, while also looking define further resource potential.
Centrex's partner, Wuhan Iron & Steel Co. (WISCO), one of China's top five steelmakers, paid A78 million directly to the company for 60% of the iron ore rights to five Exploration Licences on the Southern Eyre Peninsula. Centrex retains a 40% interest in the joint venture.
Strategic location differentiates Centrex from others
The best part of Fusion is the strategic location, just 35 kilometres north of Port Lincoln on the southern Eyre Peninsula in South Australia, with production from Fusion planned to be transported via a slurry pipeline to Port Spencer for export.
Centrex is developing the Port Spencer facility, which differentiates the company from others in that it has the route to market sorted out, along with good costings on building and operating the port.
Centrex holds a 50% interest in Port Spencer, with WISCO holding the remaining share. The JV is separate to the Fusion magnetite project alliance.