https://www.miningweekly.com

Centrex secures A$10m for Ardmore mine

29th February 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Phosphates and potash company Centrex on Thursday announced credit approval from National Australia Bank (NAB) for a A$10-million secured financing package designated for the Ardmore mine, in north-west Queensland.

“Securing the support of a tier-1 bank is a powerful endorsement of the Ardmore mine’s potential and our company’s strategic growth plans,” said CEO and MD Robert Mencel.

“As we previously alluded . . . our strategic decision to strengthen our balance sheet has enabled us to pursue higher-quality sources of financing. This has not only lowered our overall financing costs but has also come with fewer stringent requirements, ensuring that the company remains unencumbered by any burdensome condition,” he added.

The NAB financing follows the A$8-million placement and A$2-million share purchase plan announced early this month, which underpinned the final investment decision for the Stage 1.5 expansion at Ardmore.

Upon completion of the expansion, Ardmore’s production run rate will increase from 240 000 t/y to 625 000 t/y by December. The higher production will not only lift revenues for Centrex, but will also lower costs.

Edited by Creamer Media Reporter

Comments

Showroom

Aqs image
AQS Liquid Transfer

AxFlow AQS Liquid Transfer (Pty) Ltd is an Importer and Distributor of Pumps in Southern Africa

VISIT SHOWROOM 
M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.124 0.162s - 88pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: