Fenix Resources getting straight to work at Beebyn-W11 iron ore deposit
Melbourne, Victoria
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October 05, 2023 03:45 PM Eastern Daylight Time
Fenix Resources Ltd (ASX:FEX) chairman John Welborn speaks to Thomas Warner from Proactive after the iron ore producer announced it has secured the exclusive right to mine and export up to 10 million dry metric tonnes of iron ore from the high-grade Beebyn-W11 iron ore deposit, not far from its existing Iron Ridge Project in the Mid West region of Australia. Welborn provides some context, saying that Fenix has produced around 3 million tonnes of iron ore since starting mining in 2020. The company boasts a fully integrated business model, owning its haulage fleet and port logistic services. The latest news reveals that Fenix has secured the rights from the Sinosteel Midwest Corporation to mine an additional 10 million tonnes from the Weld Range, specifically from the Beebyn-W11 Iron ore deposit. Welborne emphasises the company's control over the three essential components of iron ore production: material, port pathway, and shipping. While the iron ore price remains a concern, Welborne remains optimistic about Fenix's future and its potential to reward shareholders. He says "We're immediately going to progress mining approval pathways and look at potential expansion of our existing production rate, and certainly a significant mine life extension."
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