Australia-based iron ore producer Fenix Resources Limited has announced that it has acquired a project and secured an exploration tenement in the Weld Range, Western Australia, that will significantly expand its portfolio and mine opportunities for discovery of new high-grade iron ore.
The company has acquired Beebynganna Hills Iron Ore Project, with samples grading up to 65 percent Fe content, from Australian Spartan Resources Limited. Under the agreement with Spartan Resources, Fenix will pay $250,000 cash and a milestone payment of $1 million upon extracting and selling one million mt of iron ore from Beebynganna Hills.
In addition, the exploration tenement for Beebyn North, which is located 14 km northeast of the company’s Beebyn-W11 deposit, has iron ore grades up to 63 percent Fe content.
“In 2025, we expect to increase annualized production from 1.3 million mt to 4 million mt and have confidence our excellent regional infrastructure has significant capacity to support further growth,” John Welborn, executive chairman of Fenix, said.
Meanwhile, the company noted that its logistics subsidiary Newhaul Pty Ltd. has hauled six million dmt of iron ore from operations in the Mid-West of Western Australia.