- Iron ore up-and-comer Fenix Resources has spiked today on the back of two major announcements for its Western Australian iron ore project
- Fenix has locked in a binding term sheet with Hong Kong-based Sinosteel International Holding Company for half of the iron ore from its Iron Ridge project
- Both Sinosteel International and SMC subsidiaries of Chinese state-owned Sinosteel Corporation
- Today’s term sheet is for 50 per cent of the estimated iron ore production and sales from Fenix’s flagship Iron Ridge project in WA
- Fenix has locked in the $1 million purchase of iron ore trucking and storage infrastructure in Geraldton from Sinosteel Midwest Corporation (SMC)
- Fenix shares spiked in early action but have since pared their win back to just over seven per cent, currently worth 15 cents each
