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Centrex's Goulburn JV delayed

1st November 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Metals developer Centrex Metals has reported a delay in its Goulburn base metals joint venture (JV) with China’s Shandong 5th Geo-Mineral Prospecting Institute.

The miner was advised that the fulfillment of the remaining condition precedent to the JV, being Chinese government approval, would be delayed owing to a major economic policy summit being held by the Chinese government during November.

Shandong has told Centrex that the JV would now only be assessed by the Chinese government in January, with the approval likely to follow in March.

The JV agreement was initially executed in April this year, and would see Shandong fund an initial A$2-million for base metals exploration over the Goulburn project area, in New South Wales, in return for an initial 35% interest.

If the exploration proved successful, Shandong had the option to earn an 80% interest in the project by sole-funding all study and project capital cost through to production, leaving Centrex with a 20% free-carried interest to production.

The Australian Foreign Investment Review Board cleared the deal in October.

Edited by Creamer Media Reporter

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