Centrex has finalised the finance for its Stage 1.5 expansion project at the Ardmore rock phosphate mine in North-West Queensland.

The company announced today that it had received credit approval from National Australia Bank for a $9.97 million secured financing package.

This follows an $8 million placement and $2 million share purchase plan which underpinned the company’s decision to proceed to final investment decision.

Centrex chief executive officer and managing director Robert Mencel said securing the support of a tier-1 bank was a powerful endorsement of the Ardmore mine’s potential and the company’s strategic growth plans.

“We now have clear funding visibility to conclude the Stage 1.5 expansion at Ardmore on budget and on schedule,” he said.

“By securing this debt for Ardmore, we are on track to enhance operational capacity, drive revenue growth, and solidify our position as a leading supplier in the market.”

The Stage 1.5 expansion will lift Ardmore’s production run rate from about 240,000tpa to 625,000tpa by December 2024.