Fenix Resources (ASX:FEX) has partnered with Mira Bulk to form a freight partnership targeting lower per-tonne shipping costs for its iron ore products.
Under the arrangement, the company will pay market-rate commissions and earn a share of Fenix-Mira Bulk profits based on shipped volume of Fenix iron ore products.
Mira Bulk is a global bulk vessel operator specialising in Panamax and Capesize vessels and is jointly owned by Resource Invest AG (ResInvest) and Vaiana Shipping Limited.
The new Fenix-Mira Bulk freight partnership has enabled Fenix to secure US$44 million ($62.8 million) in long-term funding facilities with ResInvest.
The new facilities replace existing short-term prepayment facilities and provide balance sheet strength to execute the company’s Three-Year Production Plan, which targets production of 4.2 to 4.8 million tonnes in FY26, increasing to up to 6.0Mt in FY28.
In May 2026, Mira Bulk supplied the vessel Nord Draco, which loaded 69,125 wet metric tonnes of iron ore at Geraldton Berth 5, setting a new port record and surpassing the previous record set by MGX Resources (ASX:MGX) in December 2012.
Larger vessels reduce per-tonne freight costs and support Fenix’s objective of lowering delivered cost and freight costs to customers as production scales.
“Fenix operates a fully integrated model across our mining, logistics, and port operations. Our careful expansion into the shipping market is a first step to take more control over an important component of the overall value chain for Fenix production,” Executive Chairman John Welborn says.
“Significant benefits are expected to include increased shipping market transparency, access to more appropriate vessels for Geraldton Port, and a material reduction in Fenix’s overall shipping costs.”
The new funding arrangements comprise a US$9.28 million prepayment facility with zero interest and a US$35 million facility with SOFR plus 4.5% interest.
Both facilities have two-year tenors with security over iron ore stockpiles, trade receivables, and Fenix’s equity interest in the jointly owned iron ore marketing business.
Fenix Resources remains the only vertically integrated pit-to-port iron ore producer in Western Australia’s Mid-West, with 100% ownership of its haulage operations and port facilities at Geraldton.
The company will be attending the Noosa Mining Conference, held on 22–24 July 2026 at Peppers Noosa Resort, Noosa Heads, Queensland.
Mining.com.au is an official media partner of this year’s conference and will be at the event.
Write to JC Villarba at Mining.com.au
Images: Fenix Resources
