Saturday, 20 Feb 2010
It is reported that Iron ore mining company Centrex Metals and Wuhan Iron & Steel will continue to work towards the completion of the Centrex/WISCO JV with both Parties discussing resolution of the last outstanding issues before the transaction can be completed.

WISCO have been seeking reassurance that Centrex arrangement with Lincoln Minerals which has the rights to any non-ferrous minerals within the JV exploration tenement areas will not slow their ambitions to fast track the exploration, development and construction of the Joint Venture magnetite projects.

Centrex in conjunction with WISCO have been working with Lincoln to reach a mutually agreed basis for cooperation of all mineral rights holders. At present Centrex and WISCO have yet to nominate an agreed extension to the “End Date” for completion of Conditions Precedent to the JV however the Parties have agreed that a delegation from Centrex will visit China towards the end of March with the objective of finalizing the outstanding issues.

Centrex and WISCO signed the formal Transaction Documents relating to the formation of a magnetite joint venture on 20th July 2009 in Wuhan, China and the sale of a 60% participating interest in the iron ore rights to ELs 3611, 3421, 3269, 3731 and 3877 all located in southern Eyre Peninsula, South Australia.