Australia-based iron ore producer Fenix Resources Limited has announced that it has entered into a binding agreement with Australia-based mineral exploration and development company CZR Resources to fully acquire the latter.
CZR’s Robe Mesa iron ore project is one of the large-scale iron ore assets in the Pilbara region. Fenix has resources to rapidly and efficiently advance the Robe Mesa project into production. Moreover, Fenix aims to triple iron ore production within this year though the expansion of its Mid-West operations. The addition of CZR’s assets will increase Fenix’s production to about 140 million mt.
As a result, the acquisition will allow Fenix Resources to become a fully integrated and large-scale iron ore producer and logistics provider in Western Australia.
