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- Fenix Resources (FEX) achieves a “significant” sales milestone of three million dmt of high-grade iron ore from its Iron Ridge mine in Western Australia
- The three millionth tonne was shipped from the company’s facilities at the Geraldton port in WA
- For the three million dmts sold, Fenix reported an unaudited net operating margin average of $52 per dmt
- The milestone was achieved 28 months after the first sale of its Iron Ridge product in February 2021
- FEX shares are up one per cent and trading at 25.3 cents at 12:44 pm AEST
Fenix Resources (FEX) has achieved a “significant” sales milestone of three million dry metric tonnes (dmt) of high-grade iron ore from its Iron Ridge mine in Western Australia.
The company announced that the three millionth tonne was shipped from its facilities at the Geraldton port in WA.
For the three million dmts sold, Fenix reported an unaudited net operating margin average of $52 per dmt.
The milestone was achieved 28 months after the first sale of its Iron Ridge product in February 2021.
“Fenix’s consistent profitable production from Iron Ridge is the result of excellent work from our hard-working staff and contractors and our capabilities as a fully integrated mining, logistics and haulage business,” Fenix Chair John Welborn said.
“We have reduced costs to maintain a strong operating margin which continues to average more than $50 a tonne since first production.
“Strong production and sales performance from Iron Ridge provides the opportunity to advance new growth opportunities that play to our strengths.”
Upon acquiring its high-grade Iron Ridge project in May 2018, Fenix received a share-based consideration of 25 million ordinary shares plus 112.5 million performance shares.
The achievement of three million dmt of iron ore has triggered the conversion of the 30 million Class D Performance Shares into ordinary shares in Fenix.
FEX shares were up one per cent and trading at 25.3 cents at 12:44 pm AEST.
