Fenix Resources secures US$44M funding as shares rise
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- Fenix Resources (ASX:FEX) established a freight partnership with Mira Bulk to lower iron ore shipping costs.
- The company secured US$44 million in long-term funding facilities as its share price gained ground.
- The move supports a three-year plan to ramp up production volumes by FY28.
Fenix Resources (ASX:FEX) formed a freight partnership with Mira Bulk to lower iron ore shipping costs.
The arrangement builds on international marketing networks that have handled Shine Mine products since 2024.
"Fenix operates a fully integrated model across our mining, logistics, and port operations," said Fenix Resources Executive Chairman John Welborn.
The agreement enabled the company to secure US$44 million in replacement funding from Resource Invest.
Following the announcement, the Fenix Resources share price was up at $0.265.
The company stated that the transaction provides balance sheet strength to execute its current production plan.
The business targets total iron ore production of up to 6.0 million tonnes in FY28.
