Fenix Resources acquires Fenix Newhaul

Adefinitive agreement has been signed between Fenix Resources to purchase 100 per cent ownership of the haulage joint venture – Fenix Newhaul.

As reported by Fenix, this will mean they are a fully integrated mining, haulage and logistics company and this move will enable them to reduce operation costs as well as receiving 100% of the profits from the highly profitable haulage business.

Fenix Newhaul during the June quarter moved approximately 340,000 tonnes of iron ore and after a successful trial in late 2021 they have converted the majority of their haulage fleet to quad-trailer configuration.

The 26 truck haulage fleet of which 18 are quad-trailers relies of Volvo and Mack prime movers and with the addition of the quad trailers has increased haulage capacity to approximately 140 tonnes per truck.

Delivery of the remaining seven A-trailers is expected to occur during the current quarter.

Fenix Resources Managing Director Rob Brierley said, “The Fenix-Newhaul transaction is an important strategic initiative that will reduce our future haulage costs and result in cost savings and additional operational flexibility as well as supporting growth initiatives.”

The Fenix-Newhaul joint venture was established to provide haulage and logistics services to Fenix’s Iron Ridge Project, in the Mid-West region of WA, 490 km from Geraldton Port.

“Fenix-Newhaul is a highly profitable state-of-the-art logistics business which is an essential component of Fenix’s business success,” said John Wellborn, Fenix Chairman.

The disclosed transaction will involve upfront payment of $16.5million in cash and equity, including $7.5 million in cash consideration to be paid on completion; and 30,000,000 Fenix ordinary shares issued to Newhaul and valued at $9m based on the last closing price for Fenix shares of A$0.30.

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