Thoughts on Fenix Resources (FEX)?
Hi James and Team Can I have your current view on FEX - Fenix Resources. Fenix to restart mining at Shine. regards Debbie
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Answer
Hi Debbie,
FEX has sprung to life over the last fortnight while its larger peers slipped lower after the Fenix Board has approved the restart of mining operations at the Company’s wholly owned Shine Iron Ore Mine.
- Stage 1 is expected to produce iron ore at a grade of 60%Fe with C1 cash costs of $US$45.50/Et Metric Tonne, making it a high cost producer.
This $270mn miner is not a company we are close to hence we will use some technicals and say while it holds above 35c it looks good, but stress, high cost juniors is not an area we focus on.
