Centrex Metals Ltd. agreed to sell its Port Spencer land holding for A$1.4 million to FREE Eyre Ltd., a local rural investment business.
The company expects to close the deal in late February 2019.
The sale will complete Centrex's exit from its iron ore interests and its transition to a fertilizer business.
The proceeds will provide additional funds to support the ongoing development of the company's flagship Ardmore phosphate rock project in Queensland, which is nearing production.
In October, the company signed its first contract with a major fertilizer manufacturer for a 5,000 wet tonne trial shipment of phosphate rock concentrate.