ya global and wisco, page-4

Yeah, I pointed out the outstanding YA loan after the deal was done. But ady is getting away with paying just 6m cash and the rest in unsecured shares. Not too bad.

Now remember that bus with the Chinese delegates in it that got spotted at the port via the webcam mid-2008. Well, I just found out it was not Shougang, it was Wisco. Apparently, they visited South Australia after visiting South America.

The chairman of Adelaide-based Centrex Metals (ASX: CXM) , David Lindh described the deal announced today with Wuhan Iron & Steel (WISCO) as "a company maker" - with an injection of capital for the junior of $A180 million ($US1226.7 M) to earn a half share in five groups of magnetite licences on South Australia's Eyre Peninsula.

Anderson said discussions with Wuhan began in mid 2008 and since then Centrex people made two trips to China and teams from Wuhan visited the Eyre Peninsula also twice. Factors that attracted Wuhan included that all the deposits in the joint venture are close to the coast and detailed testing had shown the magnetite to be an ideal coarse ore to produce a concentrate that suited Wuhan's steelmaking operations.