Fenix Resources Declines to Counter CZR’s Superior Proposal

CZR Resources Ltd ( (AU:CZR) ) has provided an update.

Fenix Resources Ltd has decided not to counter CZR Resources Ltd’s acceptance of a superior proposal from the Robe River Iron Associates Joint Venture. This decision reflects Fenix’s strategic focus on its existing growth opportunities in the Mid-West region. Fenix’s takeover offer for CZR remains open until April 29, 2025, but the company is prioritizing its current mining operations and expansion plans, aiming for a production rate of 4 million tonnes per annum from its iron ore mines.

More about CZR Resources Ltd

Fenix Resources Ltd is a fully integrated mining, logistics, and port services company based in the Mid-West region of Western Australia. The company focuses on producing high-quality iron ore, with an annual target production rate of 4 million tonnes. Fenix operates the Iron Ridge, Shine, and Beebyn-W11 Iron Ore Mines, and manages its own logistics and port services through its Newhaul Road and Port Logistics businesses.

YTD Price Performance: 38.10%

Average Trading Volume: 561,978

Technical Sentiment Signal: Sell

Current Market Cap: A$68.65M

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