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Fenix Resources Limited ( (AU:FEX) ) has shared an announcement.
Fenix Resources Limited has secured a transformative 30-year agreement with Sinosteel Midwest Corporation, a subsidiary of China Baowu Steel Group, granting exclusive rights to mine 290 million tonnes of iron ore from the Weld Range Project in Western Australia. This agreement significantly extends Fenix’s mine life and production capacity, aligning with its goal to become a 10 million tonne per annum producer. The partnership with the world’s largest steelmaker, Baowu, enhances Fenix’s industry positioning and presents opportunities for regional collaboration and increased production, promising substantial value creation for stakeholders.
The most recent analyst rating on (AU:FEX) stock is a Buy with a A$0.40 price target. To see the full list of analyst forecasts on Fenix Resources Limited stock, see the AU:FEX Stock Forecast page.
More about Fenix Resources Limited
Fenix Resources Limited operates in the mining industry, focusing on the extraction and export of iron ore. The company is engaged in developing projects in Western Australia’s Mid-West region, leveraging its integrated transport logistics and port services to support its operations.
YTD Price Performance: 20.75%
Average Trading Volume: 1,081,533
Technical Sentiment Signal: Strong Buy
Current Market Cap: A$238.1M
For an in-depth examination of FEX stock, go to TipRanks’ Overview page.