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Business Description: Centrex Metals Limited (CXM) is an iron ore mining and exploration company with operations and tenement holdings over iron ore resources and exploration targets on Eyre Peninsula in the southern Gawler Craton.
Strategy Analysis: At the time of writing, Centrex was awaiting approval by the Australian Foreign Investment Review Board of a substantial investment by Chinese iron and steel company WISCO. The Wilgerup Deposit is located 30km south-east of Lock and 18km from Port Lincoln, South Australia. RC drilling commenced in 2006. Total resources as at October 2008 were estimated at 13.3Mt @ 57.7%Fe, 4.8%SiO2, 2.8%AI2O3, 5.0LOI and 4.9%P. The Carrow magnetite deposit is located 20km's north of the proposed site of Sheep Hill near Port Neill on the Eyre Peninsular of South Australia. In 2008, Centrex announced an exploration target over Carrow of between 86-110Mt. The Bungalow Magnetite Project is located approximately 9km NNW of Cowell on the Eyre Peninsula. Previous diamond drilling returned an average intercept grade of 34.6% DTS @ 70.2%Fe and 2.7%SiO2 at cut off grade of 20% DTR, and 30.4% DTS @ 69.9%Fe and 2.8%SiO2 at cut off grade of 10% DTR. Other deposits that are prospective for hematite and magnetite include Cockabidnie, Kimba Gap, Ironstone Hut, and Ironstone Hill
Centrex Metals reported positive cash flow of $25.07m for quarter ended 30 September 2011. Operating cash flow for the period was $(922,000). Payments for exploration and evaluation were $(87,000). Investing cash flow was $25.99m. Financing cash flow was nil. Cash in hand at the end of the quarter was $81.67m.
The Age 22/05/2013 |
A piece of broker research came out last week that described the budget as a sensible one but an almost suicidal one for a government four months out from an election. Instead of trying to buy votes, it seemed intent instead on putting as many noses out of joint as it possibly could.
The Age 22/05/2013 |
In last week's budget, the government missed what will probably be its last opportunity to make the superannuation system fairer and more sustainable. While the government made some tough decisions, such as reneging on promised tax cuts, one of the fastest-growing expenses is the tax concessions for superannuation.
The Age 22/05/2013 |
Baby, forget the bonus. With tax concessions gone the federal government's budget could also affect your health, writes John Collett.
The Age 22/05/2013 |
Last week's budget was a bit of aho-hum affair on many levels related to superannuation, because most of the changes to the system had been announced back in April. The transfer of the Baby Bonus into an extra (reduced) payment for families eligible for Family Tax Benefit Part A, has drawn the light fairly and squarely on the costs of bearing and raising children. The recent debate about the opposition's Paid Parental Scheme versus the government's less-generous scheme has added fuel to the fire.
The Age 22/05/2013 |
Tradies caught out by the collapse of National Buildplan Group have called for a financial "rescue" package and an investigation into the failure of the company.
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