{"id":8758,"date":"2023-07-25T11:45:00","date_gmt":"2023-07-25T01:45:00","guid":{"rendered":"https:\/\/yinghuiinternational.com\/?p=8758"},"modified":"2024-07-06T11:46:36","modified_gmt":"2024-07-06T01:46:36","slug":"8758","status":"publish","type":"post","link":"https:\/\/yinghuiinternational.com\/index.php\/2023\/07\/25\/8758\/","title":{"rendered":"Fenix completes $25 million iron ore acquisition"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><\/h1>\n\n\n\n<p class=\"wp-block-paragraph\"><img loading=\"lazy\" decoding=\"async\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/b5e08ee8debb849ef78b8c99b82ea005?s=100&amp;d=mm&amp;r=g 2x\" height=\"50\" width=\"50\" src=\"https:\/\/secure.gravatar.com\/avatar\/b5e08ee8debb849ef78b8c99b82ea005?s=50&amp;d=mm&amp;r=g\" alt=\"\"><a href=\"https:\/\/www.australianmining.com.au\/author\/oliviathomson\/\">OLIVIA THOMSON<\/a><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.australianmining.com.au\/wp-content\/uploads\/2021\/08\/brazil-iron-ore-shutterstock_1129103456-scaled-e1597633821537.jpg\" alt=\"mining\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Fenix Resources has&nbsp;<a href=\"https:\/\/www.investi.com.au\/api\/announcements\/fex\/18680435-f62.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">completed<\/a>&nbsp;the acquisition of Mount Gibson Iron\u2019s Mid-West iron ore, port and rail assets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In June 2023, Mount Gibson&nbsp;<a href=\"https:\/\/www.investi.com.au\/api\/announcements\/fex\/86b7a305-fbf.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">reached<\/a>&nbsp;a conditional agreement to divest its Mid-West hematite iron ore mining and infrastructure assets to Fenix for $25 million. The deal comprised of $10 million in cash and 60 million Fenix shares and additional options.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The agreement makes Mount Gibson the single largest shareholder in Fenix with an approximate interest of 8.6 per cent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The assets acquired by Fenix include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the Shine iron ore mine, an operational iron ore mine currently on care and maintenance with a mineral resource estimate of 15 million tonnes at 58 per cent<\/li>\n\n\n\n<li>two storage sheds at Geraldton Port that are on-wharf infrastructure consisting of Shed 4 with storage capacity of 120,000 tonnes and Shed 5 with storage capacity of 240,000 tonnes both with in-loading access via truck or rail<\/li>\n\n\n\n<li>the two mid-west rail sidings, Ruvidini and Perenjori rail sidings, providing access to the main Mid-West rail network connecting to Geraldton Port and assembly locations for product storage and blending activities<\/li>\n\n\n\n<li>assets at the Extension Hill iron ore mine that are large scale operational crushing and screening plant, associated equipment, and interests in an operational 138 bed mining camp, all currently on care and maintenance.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The acquisition is expected to provide&nbsp;<a href=\"https:\/\/www.australianmining.com.au\/fenixs-three-million-tonne-production-milestone\/\" target=\"_blank\" rel=\"noreferrer noopener\">Fenix<\/a>&nbsp;with opportunities such as reducing the cost of its&nbsp;<a href=\"https:\/\/fenixresources.com.au\/iron-ridge\/\" target=\"_blank\" rel=\"noreferrer noopener\">Iron Ridge project<\/a>&nbsp;located approximately 600 kilometres north-northeast of Perth, Western Australia, as well as expanding the project\u2019s production.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fenix chairman John Welborn said the acquisition of Mount Gibson\u2019s Mid-West iron ore and port assets is a game changer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThis transformational event for Fenix will drive material economies of scale, provide flexibility to expand iron ore production and operate new projects concurrently,\u201d Welborn&nbsp;<a href=\"https:\/\/www.investi.com.au\/api\/announcements\/fex\/18680435-f62.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">said<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIn expanding a mine-to-port logistics solution for ourselves and other producers in the Mid-West, we also create employment opportunities which will strongly support regional economic growth and create exceptional shareholder value.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OLIVIA THOMSON Fenix Resources has&nbsp;completed&nbsp;the acquisition of Mount Gibson Iron\u2019s Mid-West iron ore, port and rail assets. In June 2023, Mount Gibson&nbsp;reached&nbsp;a conditional agreement to divest its Mid-West hematite iron ore mining and infrastructure assets to Fenix for $25 million. The deal comprised of $10 million in cash and 60 million Fenix shares and additional &hellip; <a href=\"https:\/\/yinghuiinternational.com\/index.php\/2023\/07\/25\/8758\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Fenix completes $25 million iron ore acquisition&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6,7],"tags":[],"class_list":["post-8758","post","type-post","status-publish","format-standard","hentry","category-mines-and-quarry","category-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/s83F9T-8758","jetpack-related-posts":[{"id":8762,"url":"https:\/\/yinghuiinternational.com\/index.php\/2024\/07\/04\/iron-ore-miner-reboots-shine-operations\/","url_meta":{"origin":8758,"position":0},"title":"Iron ore miner reboots Shine operations","author":"yinghui","date":"July 4, 2024","format":false,"excerpt":"KELSIE TIBBEN Shine is located near Fenix's Iron Ridge operation in Western Australia. Image: Fenix Resources Fenix Resources is taking steps to recommence mining at the Shine iron ore mine in Western Australia. The miner took the reins of Shine as part of its\u00a0acquisition\u00a0of Mount Gibson Iron\u2019s Mid-West iron ore,\u2026","rel":"","context":"In &quot;Clients&quot;","block_context":{"text":"Clients","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/clients\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":511,"url":"https:\/\/yinghuiinternational.com\/index.php\/2014\/10\/28\/mount-gibson-iron\/","url_meta":{"origin":8758,"position":1},"title":"Mount Gibson Iron","author":"yinghui","date":"October 28, 2014","format":false,"excerpt":"Mount Gibson is a leading independent player in the Australian iron ore industry. Established in Perth in 1996 and listed on the Australian Stock Exchange (ASX) in 2002, the Company owns and operates: Tallering Peak \u2013 a 3-million tonnes per annum iron ore mine in the Midwest region of Western\u2026","rel":"","context":"In &quot;Mines and Quarry&quot;","block_context":{"text":"Mines and Quarry","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/mines-and-quarry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2430,"url":"https:\/\/yinghuiinternational.com\/index.php\/2017\/06\/20\/mount-gibson-off-take-agreement-with-chinese-falls-through\/","url_meta":{"origin":8758,"position":2},"title":"Mount Gibson off-take agreement with Chinese falls through","author":"yinghui","date":"June 20, 2017","format":false,"excerpt":"Mount Gibson Iron has terminated an off-take agreement with Xinyu Iron and Steel Group because the Chinese partner did not comply with the terms of the arrangement. Perth-based Mount Gibson, which owns the Iron Hill project in Western Australia\u2019s Mid West region, is now free to offer the production previously\u2026","rel":"","context":"In &quot;Mines and Quarry&quot;","block_context":{"text":"Mines and Quarry","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/mines-and-quarry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":602,"url":"https:\/\/yinghuiinternational.com\/index.php\/2014\/11\/24\/iron-ore-hits-the-dreaded-us70-a-tonne-mark\/","url_meta":{"origin":8758,"position":3},"title":"Iron ore hits the dreaded $US70 a tonne mark","author":"yinghui","date":"November 24, 2014","format":false,"excerpt":"Investors are ditching iron ore miners as the price of the commodity tumbles to a new five-year low of $US70 a tonne. This is the third record low in as many days for iron ore which has now shed 50 per cent of its value since the start of the\u2026","rel":"","context":"In &quot;Mines and Quarry&quot;","block_context":{"text":"Mines and Quarry","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/mines-and-quarry\/"},"img":{"alt_text":"resizeIronore","src":"https:\/\/i0.wp.com\/www.bnmme.com.au\/wp-content\/uploads\/2014\/11\/resizeIronore.jpg?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2679,"url":"https:\/\/yinghuiinternational.com\/index.php\/2018\/04\/09\/mineral-resources-to-acquire-atlas-iron\/","url_meta":{"origin":8758,"position":4},"title":"Mineral Resources to acquire Atlas Iron","author":"yinghui","date":"April 9, 2018","format":false,"excerpt":"Mineral Resources (MinRes) has secured a deal to acquire iron ore company Atlas Iron through a scheme of arrangement that values the target at around $280 million. The amalgamation of MinRes\u2019 Pilbara iron ore assets with those owned by Atlas would deliver greater synergies and economies of scale, a MinRes\u00a0announcement\u00a0explained.\u2026","rel":"","context":"In &quot;Mines and Quarry&quot;","block_context":{"text":"Mines and Quarry","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/mines-and-quarry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":573,"url":"https:\/\/yinghuiinternational.com\/index.php\/2014\/11\/20\/rio-tintos-new-3-5-billion-iron-ore-mine-approved\/","url_meta":{"origin":8758,"position":5},"title":"Rio Tinto\u2019s new $3.5 billion iron ore mine approved","author":"yinghui","date":"November 20, 2014","format":false,"excerpt":"Western Australia\u2019s environmental authority has approved Rio Tinto\u2019s plan to build a massive new iron ore mine in the Pilbara. The Koodaideri mine would be located 110 km north-west of Newman and is expected to have a 30 year life span. According to documents filed by Rio subsidiary Mount Bruce\u2026","rel":"","context":"In &quot;Mines and Quarry&quot;","block_context":{"text":"Mines and Quarry","link":"https:\/\/yinghuiinternational.com\/index.php\/category\/mines-and-quarry\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts\/8758","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/comments?post=8758"}],"version-history":[{"count":2,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts\/8758\/revisions"}],"predecessor-version":[{"id":8761,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/posts\/8758\/revisions\/8761"}],"wp:attachment":[{"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/media?parent=8758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/categories?post=8758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yinghuiinternational.com\/index.php\/wp-json\/wp\/v2\/tags?post=8758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}