Australia-based Fenix Resources Limited has announced that it has signed a binding agreement with Sinosteel Midwest Corporation, Australian subsidiary of China-based Sinosteel Group, to secure the exclusive right to mine iron ore from the Beebyn-W11 iron ore deposit in the Weld Range project with a payment of $10 million in cash.
Fenix will maintain exclusive sole control of all mining, hauling, logistics and port operations relating to the mining and export of 10 million dry mt of iron ore from the mine within a 10-year term from commencement expected in 2024. The Beebyn-W11 iron ore deposit has an estimated mineral resource of 20.47 million mt of 61.3 percent Fe grade.