JV brings Iron Ridge closer to development
PERTH (miningweekly.com) – Junior iron-ore developer Fenix Resources has struck a strategic alliance agreement with trucking and logistics company Minehaul, which could result in the accelerated development of the Iron Ridge project, in Western Australia.
Under a joint venture (JV), known as Premium Minehaul, trucking services will be provided to the project, with Fenix undertaking to ensure that all iron-ore transport it is involved with in the Mid-West region be conducted through the JV.
Fenix told shareholders that the JV arrangements would provide several benefits to the company, including greater transparency in relation to transport costs associated with Iron Ridge, the potential for significant cost savings, and the elimination of management role duplication and the sharing of innovation benefits through the life of the project.
Concurrent with the JV, Minehaul would also make a A$250 000 investment in Fenix as part of a larger A$1.25-million capital raise through the issue of more than 22.75-million shares.
The share placement will be priced at 5.5c a share and is subject to shareholder approval.
“The creation of a JV company represents a significant step for the company as we strive towards development of the Iron Ridge project,” said Fenix MD Robert Brierley.
A feasibility study on Iron Ridge is due in December this year, based on a resource estimate of 9.2-million tonnes grading 64.1% iron.
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