Might have something to do with this:
Centrex signed a non-binding MOU with Gujarat State Fertilisers & Chemicals (“GSFC”) earlier this year to negotiate an off-take agreement for 300,000 tonnes over the 10-year Ardmore mine life. Centrex and GSFC are currently in negotiation for binding agreements. Two 400 tonne run of mine shipments were recently shipped to two major SSP manufacturers in New Zealand with the view to longer term off-take of high grade concentrate.
Centrex oversaw the trials with both producing positive results. As part of Centrex’s acquisition of the project, Southern Cross Fertilisers Pty Ltd, a subsidiary of Incitec Pivot Limited (“IPL”), holds a 20% right of first refusal on off-take for the project. IPL are Australia’s largest phosphate rock importer for their two SSP plants in Victoria.
The project is located on Mining Lease ML 5542 held by Centrex Phosphate Pty Ltd, a 100% subsidiary of Centrex Metals Limited. The Ardmore Mining Lease (ML 5542) has been renewed in October 2017 for a further 21-year term. Southern Cross Fertilisers Pty Ltd holds a 3% revenue royalty on production.
