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Australian mining company Centaurus expands its Brazilian mining business

Australian mining company, Centaurus Metals, Wednesday announced it had expanded its business in the Latin American country, Brazil. The emerging iron ore producer said it had increased its iron ore portfolio in Brazil after choosing to exercise its options and acquire 16 fresh tenements.

The Australian Stock Exchange Listed Company reported that it had taken a majority of the fresh tenements west of its recently acquired iron ore project, the Jambreiro project, in Minas Gerais state.  The new tenements are around the iron Quadrangle region of Brazil. Darren Gordon, Centaurus managing director said he was very delighted for the company to have exercised its option over an additional 16 tenements, the number it got from an investment acquisition deal that saw it take over the Jambreiro tenements in June. He further said that the company’s initial review of the filed revealed that the acquired additional tenements had a lot of potential for iron ore and were thus viable for further exploration activities. As such, he said Centaurus had set up an exploration budget for the new acquired tenements and plans to continue with its mining program on them in the coming months.

However, according to Gordon, out of the total additional tenements, Centaurus would bias its immediate plans on the Candonga prospect that the company has mapped over a strike length of about 2km. Additionally, ground magnetic work had already been planned out and would greatly help with targeting the expected drill program soon as it commences, said the manager.

Gordon further noted that under the agreement deal that saw them acquire the tenements from Cenibra, the company expects these particular tenements to enable it have a regional focus for its activities that are expected to subsequently cut down costs from exploration and future production accordingly.

Significantly though for Centaurus, its tenement package around Guanhaes is also expected to become an important component of its domestic iron ore business. In its plans for the Guanhaes package of tenements, Centaurus hopes to be able to produce 3 million tons per annum of high grade iron ore for the Brazilian local steel market by the end of the year 2013.

Centaurus Metals Limited engages in the exploration of iron ore deposits primarily in the Iron Quadrangle region of south-eastern Brazil. Its projects include Itambe Iron Ore project in the town of Itabira; Passabem and Itamarandiba projects in Belo Horizonte; Cenibra project in the south-east Brazil; and Rio Pardo, Serra do Bicho, Guanhaes, and Jambreiro Iron Ore projects in Minas Gerais.

21 July 2010.