Centrex Metals to Switch from Iron Ore to Potash

Australian Mining reported that Centrex Metals Ltd. (ASX:CXM) has decided to write down its South Australian iron ore exploration assets. It will now focus on developing its Western Australia-based Oxley potash project.

As quoted in the market news:

Centrex has two joint venture iron ore projects located in the Eyre Peninsula, South Australia – the Eyre Iron Joint Venture and the Bungalow Joint venture.

According to the Centrex website, the projects are at the feasibility stage.

It also has two projects in the exploration stage – the Middleback ranges tenements and Cockabindie and Cockabindie North.

Benchmark iron ore for immediate delivery to the port of Tianjin in China was last trading at $US60.60 per tonne, but analysts are predicting a fall.

 Click here to read the full Australian Mining report.