Australia-based
iron ore company
Centaurus Metals Limited has announced some delays in its Jambreiro
iron ore project in
Brazil, stating that it will not be able to meet the mid-2014 construction timeline due to the recent deterioration in market sentiment and conditions in the
iron ore industry.
In the current market environment, the company does not expect to finalize the required debt and equity package for the Jambreiro project construction. Centaurus said that it will continue to progress funding and off-take discussions for the
iron ore project in order to achieve a final investment decision as quickly as possible.
Notwithstanding current market conditions, Centaurus has identified opportunities outside of Jambreiro to continue to pursue its key corporate objective of establishing a production base in southeastern
Brazil as rapidly as possible.
The company will continue in the short term to accelerate development of the Candonga project located near Jambreiro and to identify and develop other opportunities.