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- Fenix Resources (FEX) has requested an immediate trading halt pending a proposed capital raise
- The company will remain in the halt until August 20 or when the announcement is made
- Fenix last entered a trading halt on August 12 in regards to permitting for its Iron Ridge Project in Western Australia
- A day later the company announced that the WA Department of Mines, Industry Regulation and Safety had approved the stage one mining proposal and minor closure plan for the project
- This approval means that Fenix is on track to begin developing Iron Ridge later in the year with first shipment scheduled for early 2021
- Shares in Fenix last traded for 17.5 cents on August 14
Fenix Resources (FEX) has requested an immediate trading halt pending a proposed capital raise.
The company will remain in the halt until August 20 or when the announcement is made.
Fenix last entered a trading halt on August 12 regarding permitting for its Iron Ridge Project in Western Australia.
A day later, the company announced that the WA Department of Mines, Industry Regulation and Safety (DMIRS) had approved the stage one mining proposal and minor closure plan for the project.
This approval means that Fenix is on track to begin developing Iron Ridge later in the year, with the first shipment scheduled for early 2021.
“This is a major milestone in the development of Iron Ridge and means we are now on the cusp of project construction, production and cashflow,” Managing Director Rob Brierley said at the time.
Fenix is now waiting on the receipt of miscellaneous permits and approvals, the execution of a native title mining co-operation and benefits agreements, and the finalisation of iron ore offtake agreements.
Shares in Fenix last traded for 17.5 cents on August 14.
