Centrex’s (ASX:CXM) wholly owned subsidiary Agriflex has been granted a new phosphate exploration permit adjacent to Incitec Pivot’s (ASX:IPL) Phosphate Hill mining lease in Queensland.
The permit sits on the boundary of the Georgina Basin, and Centrex believes there is the possibility the prospective Beetle Creek Formation continues at depth.
Agriflex is actively exploring for further phosphate mineral resources that could potentially support operations at its Ardmore Rock Phosphate Mine.
The Duchess Rail Line, which Incitec uses, runs through the exploration licence, providing a potential logistics advantage for any future development. Centrex believes there is an opportunity to consolidate further phosphate resources within the wider Dajarra region.
Further, Centrex says it has made the strategic decision to give up exploration licence 32048, as part of an ongoing review of the exploration ground it holds. The decision was made to reduce the costs associated with maintaining the exploration licence.
Centrex aims to secure a sustainable agricultural future by exploring and developing the Ardmore and Oxley Potash projects. Both are potentially capable of providing necessary ingredients for global good production.
Write to Aaliyah Rogan at Mining.com.au
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