Iron ore miner Fenix Resources has hauled, loaded, and set sail on the first commercial shipment from the Twin Peaks iron ore project in mid-west Western Australia.
The milestone is part of Fenix’s rapid development of Twin Peaks following a 500,000 tonne iron ore purchase agreement with 10M in November last year.
Under the agreement, 10M is responsible for all mining and processing activities up until the ore is loaded onto Fenix haul trucks at the mine site stockpile.
The shipment contained 59,275 tonnes of 60 per cent iron direct shipping ore, the first of what Fenix hopes will be a major boost to its iron ore production and revenues.
Consideration received by Fenix included a $60 per tonne logistics and port payment plus a 30 per cent profit share payment.
Fenix’s primary iron ore source, its flagship Iron Ridge iron ore mine near Geraldton, WA, is a direct shipping iron ore operation currently operating at a run rate of 1.3 million tonnes per year.
The company said it is continuing to seek opportunities in WA’s mid-west to unlock value from its mining, haulage, and logistics capabilities.
“Fenix is delighted to have created a second production source for the company in the mid-west,” Fenix executive chair John Welborn said.
“Our partnership with 10M has supported their transition from explorer to producer and is unlocking value for both companies as well as growing the mid-west economy.
“Fenix’s unique integrated mining, logistics and port services businesses provides an exciting platform for growth for both the company and the many projects in the region seeking to advance to production.”
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