Fenix Purchases Port Infrastructure

Australian iron ore junior Fenix Resources is buying the iron ore storage shed, and the truck unloading and conveyor systems located at the Geraldton Port in Western Australia from Sinosteel Midwest Corp. (SMC) for $1 million. The purchase is on an as-is, where-is basis, with Fenix having already conducted a detailed assessment of the infrastructure and established a recommissioning plan that should see the facility ready to accept iron ore haulage trucks in December, according to the company.

Fenix said it is working closely with the Midwest Ports Authority to execute the port services and port lease agreements, now that it has secured a port storage and trucking unloading solution at the Geraldton Port. “We believe that we have secured a strategic asset that should facilitate the timely development of the Iron Ridge project by gaining access to bulk export facility,” Fenix Managing Director Rob Brierley said. “We look forward to fostering our strong relationship with Sinosteel further.”

SMC owns the Weld Range Iron Ore project, which is adjacent to Fenix’s Iron Ridge Project. In addition to the port infrastructure acquisition, SMC and Fenix have reached agreement to cooperate on commercial terms to ensure the Iron Ridge project has the necessary area to fit all of its infrastructure during the economic life of the Iron Ridge Project.

As featured in Womp 2020 Vol 11 - www.womp-int.com