Eyre Iron Pty Ltd is the management company for the Eyre Peninsula Joint Venture (EPJV) between partners Centrex Metals Limited (Centrex) and Wugang Australian Resources Investment Pty Ltd (WARI).
Wugang is a 100% owned subsidiary of Wuhan Iron & Steel (Group) co. (“WISCO”), China’s third largest steel producer. Centrex (ASX code CXM) was incorporated on the 23rd March 2001 and is an emerging iron ore producer holding a range of exploration licenses for the southern Eyre Peninsula.
The EPJV covers five exploration licences on the Southern Eyre Peninsula of which Centrex and WISCO hold the iron ore mineral rights, 40% and 60% respectively.
In December 2008 WISCO entered into a Heads of Agreement with Centrex for the iron ore mineral rights purchase. In July 2009 the two companies signed binding joint venture contracts to form the joint venture.
The joint venture gained approval from the Australian Foreign Investment Review Board in November 2009 and the transactions for the deal were finally completed and approved by the South Australian Mining Minister on the 7th of July 2010.
This date marks the official commencement of Eyre Iron’s operations. Eyre Iron immediately set about recruiting a team of geologists to commence exploration activities.
On the 28th of August 2010, less than two months after its official start-up, Eyre Iron held an exploration commencement ceremony to coincide with the first drilling operations at the Carrow Project. The EPJV hopes to establish 10Mpta of magnetite iron ore concentrate production from at least two mines.