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Wuhan Steel pays $350,000 deposit to Centrex

January 05, 2009 - 12:51 GMT Location: Singapore

KEYWORDS: China , Wuhan Steel , Centrex , iron ore

Wuhan Iron & Steel has paid a non-refundable deposit of A$500,000 ($354,000), the first stage of its A$180 million takeover of Centrex Metals, a prospective iron ore miner in South Australia.

Wuhan Steel will pay another A$89.5 million over the next twelve months, Centrex said. The remaining A$90 million will be paid in four instalments when Centrex’ inferred iron ore resource reaches 1.25 billion tonnes, 1.5 billion tonnes, 1.75 billion tonnes, and 2 billion tonnes. The deal, signed on...

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