Centrex Metals says it is continuing to progress its Ardmore phosphate project in North-West Queensland in readiness for development once funding is secure.
The company last year completed on-site assembly of a 70-tonne per hour start-up plant but put the brakes on the project in November, when it announced a raft of cost-cutting measures and an agreement to terminate chief executive officer Simon Slesarewich’s employment.
In an update to the ASX this week Centrex said work was continuing on the high-grade low-impurity Ardmore phosphate project.
“Current activities include marketing of rock phosphate from both the trial mine and the proposed ongoing annual production, approvals and other matters associated with the preparedness of the project for further development and the completion of capital raising for the project,” it said.
“Despite the current disruption in capital raising markets, some progress has been made in funding discussions and the company is optimistic a satisfactory outcome can be achieved in time.”