Fenix funded to start Iron Ridge
PERTH (miningweekly.com) – Junior Fenix Resources is looking to raise A$15-million through a share placement to develop Iron Ridge project, in Western Australia, targeting first direct shipping ore (DSO) shipments in early 2021.
The company will issue 103.5-million shares, at a price of 14.5c each, to existing and new sophisticated and professional investors.
The shares will be issued in two tranches, with the first tranche consisting of more than 68.9-million shares to raise an initial A$10-million. The second tranche of 34.5-million shares will be subject to shareholder approval.
“We are very pleased with the strong support from a number of high quality institutional investors as the company raises the capital required to commence development of its Iron Ridge project in Western Australia. We are proud to welcome several new, high quality institutional investors located both domestically and internationally,” said Fenix MD Rob Brierley.
“Iron Ridge is a simple DSO project which is set to generate very strong cashflow on the back of its shallow ore, proximity to port, high grades and robust margins based on the strong prevailing iron-ore pricing environment,” he added.
A 2019 feasibility study estimated that the project would produce some 1.25-million tons a year over a six-and-a-half-year mine life, and would require a capital investment of A$11.9-million.
Brierly said on Thursday that the share placement meant Fenix was on track to start the development of the iron-ore project, with the company targeting first DSO shipments in early 2021.
Funds raised from the placement will also go towards optimising the Iron Ridge project, and towards corporate overheads and working capital.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation