Company history

Centrex Metals Ltd (‘CXM’) was incorporated on 23 March 2001 to explore for iron ore on Eyre Peninsula. In June 2001, CXM acquired the Greenpatch, Bungalow and Cockabidnie tenements.

In early 2002 Portman Limited, through its wholly owned subsidiary South Australian Iron Ore Group Pty Ltd (SAIOG), applied for iron ore tenements on Eyre Peninsula. In April 2002 SAIOG and CXM entered into a joint venture in which SAIOG was to conduct exploration of the magnetite resources on CXM and SAIOG tenements to evaluate the potential to establish a stand alone magnetite operation. SAIOG spent over $2.0 million in exploration but subsequently withdrew from the joint venture. Portman Limited determined that the indicative economics for a magnetite concentrate operation based on known magnetite deposits and the prevailing iron ore prices, did not meet corporate targets.

As a consequence of SAIOG withdrawing from the joint venture, SAIOG was acquired by CXM and is now a wholly-owned subsidiary of CXM. The Company and its subsidiary are the registered holder of, and are entitled to exploit iron ore on a number of exploration licences covering an area of over 2,000km2 over known iron ore deposits and prospects on Eyre Peninsula, South Australia.