Spartan Resources’ historic Beebynganna Hills iron ore project in Western Australia has changed hands, with Fenix Resources taking on ownership.
Beebynganna Hills is one of two WA tenements secured by Fenix, with the company also taking ownership of a new exploration deposit near its Beebyn-W11 mine, subject to grant.
Fenix executive chairman John Welborn said the company had been unlocking value in the region since 2020.
“Fenix has demonstrated the extraordinary value that we can unlock from the iron ore deposits of the Weld Range,” he said.
“Since 2020, we have mined more than six million tonnes of high-quality iron ore products from our Iron Ridge iron ore mine, generating more than $800 million in revenues. We are currently preparing to commence mining in the nearby Beebyn-W11 deposit.”
Welborn said the new tenements would provide Fenix with opportunities for resource expansion in close proximity to its existing mining operations.
“The fully integrated mining, logistics and port operations we have established in the mid-west continue to demonstrate we can unlock value from previously stranded ore bodies and deliver exceptional cashflows, profits, and outstanding return on investment,” he said.
The company is looking to increase its annual production rate from 1.3 million tonnes (Mt) to 4Mt in 2025, and the two acquisitions will be key drivers of this boost.
“Historic exploration activity in the Weld Range has identified numerous high-quality iron ore deposits and the expansion of Fenix’s regional footprint is a priority to support our plans to continue to grow production volumes,” Welborn said.
“We are committed to unlocking the full potential of the region’s iron ore assets for the benefit of all our stakeholders.”
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