Centrex Metals Ltd. said Feb. 2 that it signed a deal with Incitec Pivot Ltd. subsidiary Southern Cross Fertilisers Pty. Ltd. to acquire the Ardmore phosphate rock deposit, part of the Phosphate Hill project in northwest Queensland.

Under the deal, Centrex will pay A$5 million for the transfer of the Ardmore mining lease, while Southern Cross will retain an interest in the project via a right of first refusal over up to 20% of production, plus a 3% royalty.

Data validation, including further drilling, will commence to complete a JORC-compliant mineral resource estimate of the site.