Centaurus Metals Limited
Level 1, 16 Ord Street
West Perth W.A 6005
Ph: 9420-4000
Fx: 9420-4040
Email: info@glengarry.com.au
Glengarry Resources Limited has recently completed a merger with Brazilian Iron Ore focussed, Centaurus Resources Limited. Following the merger, the Board of Glengarry is proposing to change its name to Centaurus Metals Limited to more accurately reflect the Company’s focus on developing a long-term iron ore business in Brazil, as well as to benefit from the significant goodwill associated with the Centaurus name in Brazil.
The “new-Centaurus” will be one of the few ASX-listed companies offering exposure to the expected rapid development and growth of Brazil ahead of the 2014 Soccer World Cup and 2016 Olympic Games.
To capitalise on the opportunities this growth in Brazil will create, the Company has put in place a two-pronged strategy to build a substantial new international iron ore production company, leveraging off the existing team of professionals in the Company’s Belo Horizonte office, the substantial tenement and project position in and around the Iron Quadrangle and the strong network of business contacts established over the last two years.
The first limb of the strategy is the Domestic Iron & Steel Strategy (“Domestic Strategy”) which is based on Glengarry achieving targeted annualised production of at least 3Mt/annum of iron ore grading +63% Fe by the end of 2013 which will be sold into the substantial domestic steel industry in Brazil.
The second limb of the company’s strategy plans to capitalise on the very high quality of iron ore products produced in the country, which supports the medium term intention of Glengarry to implement an Export Market Strategy. Rapidly declining availability and quality of high grade DSO lump worldwide has driven steel producers to far greater dependence on prepared feeds, especially sinter. This, together with the world wide push to reduce carbon footprints is driving steel producers to demand higher quality raw materials. The highest grade, lowest silica sinter feed, will come out of Brazil which hosts what are probably the largest known resources in the world.
This Export Market Strategy, which will leverage off the cash flow to be generated by Glengarry from the Domestic Iron & Steel Strategy, aims to acquire or identify a project capable of producing 12-15mtpa of 64-69% Fe product for a minimum project life of 10 years.
Please visit www.centaurus.com.au for project related information prior to the release of our new web site in April.