Fenix showcases growing mining business at RIU Sydney

As the RIU Sydney Resources Round-Up conference begins today, Iron ore producer Fenix Resources (ASX:FEX) will be shining a spotlight on its growing mining business. 

Chairman John Welborn, who is presenting at 10.30am AEST today (7 May), says the presentation will be touching on how the company’s mining operations now include a logistics and port services business. 

Welborn says these businesses have “exciting potential to deliver exceptional returns and unlock the huge value of the rich resources of the Midwest of Western Australia”.

The $211.85 million market capitalisation company’s Iron Ridge Mine operates at 1.3 million tonnes annually and has exported more than 3 million tonnes of iron ore. 

Welborn says the market can continue to expect newsflow regarding the expansion of the company, alongside “strong” financial results. 

“2024 resolves around generation of profits from mining at Iron Ridge, growing iron ore production, expanding our third party logistics and port services business, and utilising our strong balance sheet to secure further growth opportunities,” he says.

On 14 March 2024, the company announced it would be providing comprehensive haulage logistics and port services for iron ore products produced from privately held Gold Valley’s Midwest operations in Western Australia. 

The logistics and port services are anticipated to generate more than $70 million, in addition to revenue to Fenix over the three-year contracted term. 

The Iron Ridge Mine hosts some of the “highest grade” iron ore in Western Australia, with a total resource of 6.6 million tonnes @ 65.1% iron.

The RIU Sydney Resources Round-Up conference, which Mining.com.au is an official media partner of this year, takes place from 7 to 9 May at the Hyatt Regency Hotel in Darling Harbour. 

As of 31 March 2024, the company had $88.3 million in cash at hand, according to its latest quarterly report. 

Write to Aaliyah Rogan at Mining.com.au   

Images: Fenix Resources
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.