Fenix Resources Limited (Emergent Resources)
Fenix Resources Limited (Emergent Resources)
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West Australian iron ore producer Fenix Resources has lifted total ore sales from its Iron Ridge project to 344,000wmt for the June qtr (Q4FY22), up from 295,000t in the previous period. Sales comprised 141,000t lump and 203,000t fines product.
Average realised FOB price was $US121.90/dmt (Q3: $132.80/t), compared to the Platts 62% Fe CFR price of $137.90/t ($141.60/t). C1 cash costs were $A91.50/wmt FOB ($81.70/t).
A move by West Australian niche iron ore producer Fenix Resources to take full ownership of ore haulage operations is expected to save about $A10/t in production costs at its Iron Ridge mine in the WA Mid West region.
Fenix will pay $A16.5M in cash and shares upfront and about $18M in milestone payments to logistics specialist Newhaul for its 50% stake in the JV that transports ore the 490km from Iron Ridge to Geraldton port.
Recovering iron ore prices and retreating shipping freight rates have helped West Australian producer Fenix generate $A33M net operating cashflow for the March qtr (Q3FY22), a turnaround from its $11.1M cash outflow in the previous period.
Mined ore output at its Iron Ridge DSO mine in WA’s Mid West rose to 340,600t (Q2: 277,900t) while shipments totalled 100,300wmt (188,400t) lump ore and 194,400t (168,300t) fine ore. C1 cash costs improved to $A81.7/wmt FOB ($94.1/t).
West Australian niche iron ore producer Fenix Resources credits the outstanding production performance at its Iron Ridge mine for a turnaround to $A13.97M net gain after tax for the December half-year (H1FY22), from its $1.24M loss a year earlier.
The premium DSO operation in the WA Mid West region, which delivered its first production in February 2021, shipped 697,980wmt product for the six months.
Fenix ended the period with net assets of $66.58M ($77.26M) and cash of $54.63M ($69M).
Plans by recently appointed non-executive chairman John Welborn to expand Fenix Resources’ production capacity in Western Australia’s Murchison region have moved forward with agreement to take 100% interest in iron ore rights over its Pharos JV multi-commodity project.
Fenix has agreed to accelerate its Feb 2021 JV agreement with Scorpion Minerals, moving from 70% to full iron ore rights by issuing 4M shares upfront and up to 10M shares on resource and production milestones.
Rising commodity prices and reduced freight rates promise a stronger March 2022 quarter for West Australian producer Fenix Resources after it shipped a record 356,700t high-quality iron ore from its Iron Ridge mine in the Dec qtr (Q2FY22), up from 341,200t in the previous period.
Higher fuel prices and contract escalation lifted cash costs to $A94.09/wmt shipped FOB (Q1: $86.8/t).
West Australian iron ore producer Fenix Resources has announced a comprehensive review of its business and operational strategies following the appointment of new non-executive chairman John Welborn.
The appointment of Welborn, current MD-CEO of Equatorial Resources and former head of Resolute Mining, coincides with the resignation of interim chairman Warwick Davies and director Richard Nicholls-Maltman. Welborn has subscribed for a $A2.3M share placement under a new director share loan plan.
West Australian niche iron ore producer Fenix Resources is benefiting from steady-state production at its premium direct shipping ore Iron Ridge project amid high prices, doubling June qtr (Q4FY21) operating cashflow to $A45.1M from $21.8M in Q3, its first full production period.
The mine in WA’s Mid West region produced 196,400wmt lump ore (Q3: 117,000t) and 161,300t fine ore (122,200t). C1 cash costs improved to $A85.30/t ($93.20/t) shipped FOB.
New Australian iron ore miner Fenix Resources has posted 117,000t lump ore and 122,200t fine ore in the three months to end-March (Q3FY21), the first full quarter of production from its 100%-owned Iron Ridge premium DSO project in WA’s Mid West region. C1 costs were $A93/wmt Shipped FOB.
The mine produced its first ore in Dec 2020, with ore stockpiled in readiness for its maiden shipment from the Geraldton port in Feb. Total shipments for the period were 112,700t lump and 107,200t fine ore.
New Australian high-grade iron ore producer Fenix Resources has achieved nameplate production a month ahead of schedule at its 100%-owned Iron Ridge mine, with road haulage from the mine in WA’s Mid West region reaching 1.25Mtpa nameplate rates.
Fenix says it can now schedule two bulk shipments of about 60,000wmt monthly through Geraldton port.