Australia's Fenix Resources hits one-year high on right-to-mine agreement

Fenix Resources

01/09/2025 04:11

** Shares of Australia's Fenix Resources FEX.AX rise 10.2% to A$0.3525, their highest level since August 13, 2024

** Integrated mining and port-services firm signs a binding agreement with Sinosteel Midwest Corporation - a unit of China Baowu Steel Group Corporation active in mining projects in Western Australia

** Deal grants Fenix a 30-year exclusive right to mine and export iron ore from SMC's 290 metric tonne Weld Range iron ore project in Western Australia, making it the sole iron-ore miner-exporter in the larger Weld Range project

** Consideration to be satisfied via payment of A$60 mln ($38.99 mln) in cash to SMC, along with production royalty and profit share payments

** YTD, shares up 33%, including the session's gains

($1 = 1.5389 Australian dollars)

 (Reporting by Shruti Agarwal in Bengaluru)

 ((Shruti.Agarwal@thomsonreuters.com))