Centrex Secures AU$2 Million Grant Funding for Queensland Mine; Shares Surge 24%

Centrex (ASX:CXM) secured up to AU$2 million in grant funding from the Queensland Government's Department of State Development and Infrastructure to support the phase 1.5 development of the Ardmore rock phosphate project in the Australian state, according to a Thursday filing with the Australian bourse.

The grant is hinged on meeting certain conditions, as well as requisite documentation, and will be coursed through the mining firm's subsidiary, Agriflex, which operates the mine, the filing said. The grant will come from the state government's Mount Isa Transition Fund.

Centrex's shares surged past 24% in recent Thursday trade.

Price (AUD): $0.04, Change: $+0.0080, Percent Change: +24.24%