Hamilton Locke is pleased to have advised Fenix Resources Limited (ASX:FEX) on its transformational agreement with China Baowu Steel Group Corporation Limited, the world’s largest steel producer, pursuant to which Fenix has secured the right to mine and export iron ore from the Weld Range Hematite Iron Ore Project.
Fenix is an integrated mining, logistics and port services business committed to unlocking value from the landlocked iron ore deposits located in Western Australia’s Mid-West region. The right to mine agreement covers a project with a reported mineral resource estimate of 290 million tonnes of hematite direct shipping iron ore in the immediate vicinity of Fenix’s existing operations and will drive a significant expansion in Fenix’s existing business, providing a foundation for further production growth over an extended mine life.
Commenting on the transaction, Hamilton Locke partner Michael Boyce said: “It is a pleasure to have assisted John Welborn and his team at our longstanding client Fenix Resources Limited on this transformational deal with Baowu Steel’s subsidiary Sinosteel Midwest Corporation. This transaction has the potential to unlock tremendous value for Fenix and positions it to be the dominant player in the mid-west iron ore market.”
Congratulations also to Chris Stavrianou, Brandon Hayward and Elle Cate of Poynton Stavrianou, Fenix’s corporate advisers, who were integral to securing this milestone agreement for Fenix Resources.
The Hamilton Locke team was led by Partner Michael Boyce with support from Special Counsel Stephanie Patterson and Lawyer Rob Abrahams and Corporate Partners Shaun Hardcastle and Jeremy Newman.
