- Fenix Resources (FEX) has secured approval for its Iron Ridge mining proposal from the WA Department of Mines, Industry Regulation and Safety
- This approval is the next step to start the development of the project, in which it aims to start this year
- The company is then aiming to have the first ship of direct shipping ore (DSO) early next year
- Managing Director, Rob Brierley, says this is a major milestone in the development of the project
- On market close, Fenix is up 11.5 per cent and is trading for 14.5 cents per share
Fenix Resources (FEX) has secured approval for its Iron Ridge mining proposal as it gets ready for its first shipment next year.
The WA Department of Mines, Industry Regulation and Safety (DMIRS) has approved the stage one mining proposal and minor closure plan for its Iron Ridge iron ore project.
The approval means Fenix is on track to start developing Iron Ridge later this year, with the first ship of direct shipping ore (DSO) slated for early next year.
Managing Director, Rob Brierley, says this is a major milestone in the development of the project.
“Iron Ridge is a relatively simple 1.25 million tonnes per annum DSO project which is set to generate very strong cashflow on the back of its shallow ore, proximity to port, high-grade and quality product and robust margins,” he said.
Fenix is now awaiting the miscellaneous permits and approvals, native title mining co-operation, benefits agreement and the finalisation of iron ore offtake arrangements. The company expects each of these to be settled shortly.
On market close, Fenix is up 11.5 per cent and is trading for 14.5 cents per share.