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Fenix Resources Ltd makes strong start as iron ore producer with shipments totalling 220,000 tonnes

Fenix Resources makes strong start as iron ore producer with shipments totalling 220,000 tonnes The company expects a surge in production and shipments in the coming quarters in line with the streamlining of steady output at the project along with a likely fall in capital expenditures. Cash at the end of the quarter was $26.7 million and the company has no bank debt. Fenix Resources Ltd (ASX:FEX) shipped a total of 220,000 tonnes of iron ore from the Iron Ridge Project at an average price of US$156/tonne during the March quarter with the ramp-up now complete. C1 costs averaged A$93/tonne and are expected to progressively decline to approximately AS$85/tonne now that the ramp-up is complete.

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