Investability's Dannika Warburton hosts an investor webinar on 30 January 2023 with Fenix Resources' (ASX: FEX) Chairman John Welborn. John discussed the recent operational performance and outlined the Company’s focus for 2023.
ABOUT FENIX RESOURCES
Fenix Resources (ASX: FEX) is a high grade, high margin iron ore producer located in the prolific mid-west mining region of Western Australia.
The Company’s 100% owned, flagship Iron Ridge Iron Ore Project is a premium DSO deposit that hosts some of the highest grade iron ore in Western Australia.
Production commenced in December 2020 and first sales were generated in February 2021. Consistent with the planned production run rate of 1.3 million tonnes per annum, the Company celebrated the cumulative sale of a total of 2 million dry metric tonnes of high-grade iron ore in October 2022. The unaudited net operating margin for the first two million dry metric tonnes of iron ore sold from Iron Ridge averaged approximately A$56 per dry metric tonne shipped. This represents an unaudited gross cashflow operating margin of more than A$112 million in just 19 months of production.
The Company’s high-grade Iron Ore is transported by road from Iron Ridge using the 100% owned Fenix-Newhaul haulage business to Geraldton where it is shipped using the Company’s port facility. High grade iron ore attracts a premium price on the seaborne market, with global steel makers increasingly demanding low impurity ore to meet increasingly strict environmental regulations.
The Company is led by an experienced team with deep mining experience and benefits from strategic alliances and agreements, including contracts with the Mid West Ports Authority for the use of its Geraldton Port facilities, a 50% off-take arrangement with Sinosteel International Holding Company Limited and an exclusive marketing agreement with Atlas Iron Pty Ltd for the remaining 50% of product sales.
Fenix is focused on promoting opportunities for local businesses and the community; to date, the project has generated more than 200 local jobs. Fenix is proud to have strong indigenous representation in the Company’s workforce and to be in partnership with leading contract service providers including MACA Ltd, Alpha 1 WA Pty Ltd, Champion Bay Electrical Ltd, Schwarze Brothers Pty Ltd and other leading contract service providers.
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CHAPTERS
00:00 - Preview
00:18 - Introduction
03:51 - Quarterly Presentation
09:36 - Quarterly Highlights
20:16 - Q&A
58:02 - Concluding Remarks
Disclaimer - Not Financial Advice. The content of this video is considered news and for information only.
