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Athena Resources (ASX:AHN) has partnered with Fenix Resources (ASX:FEX) and Warradarge Energy to plan and build its Mid West Green Iron Project, splitting the development three equal ways in a Western Australian triumvirate.
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The project is aiming for “commercial quantities” of direct reduction iron ore products with locally mined mid-west ultra-high grade iron ores and local green hydrogen.
With all parties having now signed, focus turns towards targeted technical studies and commercial agreements that will secure foundational rights for the Mid West project, like land, power, water, hydrogen, and access.
Athena is responsible for the first supply of samples to test suitable green iron ore technologies and bring high-grade magnetite concentrate from its Byro Magnetite project.
“The quality, scale, location, and metallurgy of the Byro Magnetite Project provide a unique ability to provide the ultra-high concentrate products that are required for a regional green iron development,” Athena’s CEO, Peter Jones, explained.
Warradarge will supply a majority of the reducing gas for the Mid-West Green Iron Project through the deal, supported by the 1.5 GW of wind and solar capacity the private WA company is developing this year.
Athena moved to bring Warradarge Energy into the fold thanks to “a similar regional focus” in the mid-west. Their “synergistic scaled plan” also played a role.
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Fenix Resources – which is also Athena’s largest shareholder – rounds out the triumvirate by supporting the three-company development project outside Geraldton with financial injections and “regional logistics solutions.”
HotCopper understands Athena has very few expected capital costs in the deal.
ATH hasn’t moved on Monday and is at 0.8cps. FEX dipped -1.7%.
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