Business
Centurion Monetizes Ana Sofia Site Equipment; Enters Contract Mining & Processing Agreement; Exports 200 Tonnes of Fertilizer Material
Vancouver, British Columbia--(Newsfile Corp. - October 18, 2019) - Centurion Minerals Ltd. ( T...
About this update from Centurion Minerals Ltd.
[{"type":"text","content":"Centurion Monetizes Ana Sofia Site Equipment; Enters Contract Mining & Processing Agreement; Exports 200 Tonnes of Fertilizer MaterialVancouver, British Columbia--(Newsfile Corp. - October 18, 2019) - Centurion Minerals Ltd. (TSXV: CTN) (\"Centurion\", or the \"Company\") wishes to announce that its Ana Sofia Joint Venture (\"JV\") partner, Demetra Fertilizantes S.A. (\"DFSA\") has entered into an agreement (the \"Agreement\") with a private Argentine company (\"Purchaser\") to sell the crushing and ancillary equipment located at the Ana Sofia Project in Santiago del Estero, Argentina. The JV will retain the Ana Sofia Project concession as well as all stockpiled gypsum material and all future gypsum mining and processing will be carried out by the Purchaser. The terms of the Agreement include:All processing plant and equipment located at the Ana Sofia Project is being acquired by the Purchaser for US$180,000;The Purchaser has entered into a property lease agreement with DFSA allowing the equipment to remain on the Ana Sofia Property to process aggregate material from a nearby quarry owned by the Purchaser, as well as process gypsum material from the JV concession; the Purchaser has hired all employees that were previously employed by DFSA in Santiago del Estero.Centurion's CEO, David Tafel, commented: \"This transaction allows us to monetize an underperforming asset, eliminate our Ana Sofia liabilities, and provides continuity and continued employment for our Ana Sofia employees. In addition, the Purchaser has substantial connections in the construction and agricultural industries, in both Argentina and Paraguay, and has been incentivized to work with the JV to develop near-term agricultural and industrial gypsum sales.\"Contract Mining and Processing Agreement:As part of the Agreement, the Purchaser has agreed to provide fixed-fee contract mining and processing services to produce high-grade gypsum material on an ongoing basis. Mining and processing services are to be provided at cost to the Ana Sofia Joint Venture. The market for fertilizer is expected to normalize and demand for agricultural gypsum return to historically average levels. Sale of 200 Tonnes of Agricultural Gypsum:The Company also announces that it has completed sales and export of approximately 200 tonnes of stockpiled gypsum fertilizer material within the last...