Why Has Centrex Limited Reduced the Budget for the Ardmore Phosphate Project Stage 1.5 Expansion?
Centrex Limited (ASX: CXM) has provided an update on the Stage 1. 5 Expansion of the Ardmore Phosphate Mine. This expansion aims to increase Ardmore's production capacity of beneficiated phosphate concentrate to 625,000 tonnes per annum. The company is pleased to announce a significant reduction in the budgeted capital expenditure for the project.
Reduced Capital Expenditure
The budgeted capital expenditure for the Stage 1. 5 Expansion has been reduced to A$17. 6 million, a substantial decrease from the previously estimated A$25.
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7 million. This reduction represents a 32% decrease, resulting in cost savings of A$8. 1 million.
Breakdown of Revised Capital Expenditure
Below is a breakdown of the revised capital expenditure for the Stage 1. 5 Expansion:
Brine Dams (Waste Disposal): $0. 75 million - Expected completion between the fourth quarter of 2023 and the first quarter of 2024
Reverse Osmosis Plant: $0. 19 million - Expected completion in the fourth quarter of 2023
Camp Expansion Phase 1: $1. 10 million - Expected completion in the first quarter of 2024
Drying Pads: $1. 00 million - Expected completion in the first quarter of 2024
Approvals: $2. 70 million - Expected completion in the first quarter of 2024
Camp Expansion Phase 2: $2. 00 million - Expected completion between the first and second quarters of 2024
Cyclones: $0. 20 million - Expected completion in the second quarter of 2024
Communications, Gensets & Buildings: $1. 00 million - Expected completion between the first and second quarters of 2024
Tailing Storage Facilities: $6. 42 million - Expected completion between the third and fourth quarters of 2024
Crushing Plant (Final Payment): $2. 24 million - Expected completion in the fourth quarter of 2024
Reasons for the Budget Reduction
The reduced capital expenditure for the Stage 1. 5 Expansion is a result of cost-saving measures implemented by Centrex Limited. The company has optimized its spending by reassessing various components of the project. This reduction in capital expenditure will allow Centrex to achieve its expansion goals while optimizing its financial resources.
In conclusion, Centrex Limited's decision to reduce the budgeted capital expenditure for the Ardmore Phosphate Project Stage 1. 5 Expansion demonstrates the company's commitment to efficient project management. The cost savings achieved will contribute to the overall success of the project and further strengthen Centrex's position in the phosphate mining industry.
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