Australia-based Fenix Resources Limited has announced that it completed the acquisition of the Mid-West iron ore, port and rail assets from another Australian miner Mount Gibson Iron Limited for A$10 million.
The acquisition comprises of the Shine iron ore mine, two bulk material storage sheds at Geraldton Port, two rail sidings at Ruvidini and Perenjori, and mining assets at the Extension Hill iron ore mine.
With the help of these new assets, Fenix is expected to reduce the cost of Iron Ridge production, expand production from Iron Ridge, recommission the Shine mine as a second production hub, generate extra revenue from logistics solutions and benefit from the expected increase in production and export in the Mid-West.