Company
ASX:FEX
Fenix Resources is a fully integrated mining, logistics and port services business targeting to achieve an annual production rate of 4 million tonnes of iron ore during 2025 from its assets in the Mid-West region of Western Australia. High quality iron ore products are transported by road to Geraldton using the company’s 100% owned Road Logistics business.
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FEX intends to build on its financial platform and explore further opportunities for value creation with the addition of Stuart Ausmeier as chief financial officer and leverage Craig Mitchell's experience in logistics operations and in buil
“The recently achieved step-change transaction consolidating 100% ownership of Fenix-Newhaul has positioned Fenix for a period of exciting transformational growth and provides the perfect platform to enhance our leadership team," Fenix chai
By acquiring Newhaul’s 50% stake, Fenix believes it can lower operating costs while delivering higher earnings and dividends for shareholders.
The new iron ore hedging extends FEX’s existing swap arrangements for 50,000 tonnes per month up to and including September 2022 fixed at a price equivalent to A$230.30 per dmt.
“The opportunity to expand our regional footprint and seek to add to our existing iron ore resource inventory is an obvious value add for Fenix,” says chairman John Welborn.
“We finished the quarter with a strong balance sheet with net cash of $54.9 million, equal to $0.11 a share, and expect to build on this solid position during the second half of the financial year.”, says MD.
This achievement triggers the conversion of the 30 million Class B performance shares to ordinary shares in the company.
New appointee John Welborn is a champion for responsible and sustainable mining development and was named by MiningMx as one of the 100 Most Influential People in Africa’s Mining Industry.
“Given the current circumstances in the iron ore industry, this is a strong result which saw Fenix generate substantial free cashflow as increased production and a lower Australian dollar helped offset reduced iron ore prices," says MD.
The company unveiled its dividend policy and declared a maiden dividend of 5.25 cents per share fully franked.
“Our unaudited financial results illustrate the rapid and relatively seamless execution of our project delivery strategy. We have hit the ground running and taken advantage of robust iron ore prices," says MD.
The ASX-lister’s iron ore swap arrangements fix a sales price over 45% of iron ore production that’s sufficient to cover the majority, if not the entirety, of its budgeted cost base.
The iron ore joint venture, which forms part of Scorpion’s Pharos Project, spans 373 square kilometres and lies immediately adjacent and contiguous to Fenix’s Iron Ridge operation, with multiple iron ore targets already identified across 15
Robert Brierley has exercised 2 million unlisted options exercisable at $0.08 each and due to expire on November 21, 2021, with a total value of $160,000.
Its high-grade Iron Ridge Project in WA is performing ahead of expectations and attracting market premiums, with the company now in “cash harvest mode”.
The fledgling iron ore producer shipped nearly 281,000 tonnes of product in the June quarter, up 27% on the previous quarter.
The company has appointed Scorpion Minerals to plan, manage and execute the early exploration phase at Pharos.
The company has appointed Scorpion Minerals to plan, manage and execute the early exploration phase at Pharos.
Non-executive director Garry Plowright on June 4 exercised 2 million unlisted options that were due to expire on November 21, 2021, at $0.08 each.
The company’s 100%-owned, flagship Iron Ridge Iron Ore Project is a premium DSO deposit that hosts a JORC 2012-compliant resource located around 486 kilometres by road from Geraldton port.
