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Six shipments totalling about 344,000 wet metric tonnes (wmt) of high-grade iron ore from Fenix’s Iron Ridge Project in Western Australia were sold during the June 2022 quarter, generating about $15 million in net operating cash flow resulting in a closing cash balance of $102 million.

The results come in the wake of Fenix acquiring haulage joint venture Fenix-Newhaul, positioning Fenix as a fully integrated mining, haulage and logistics company in a transaction which will reduce operating costs, is value-accretive, and ensures the company now receives all profits and cashflows from Fenix-Newhaul’s highly profitable haulage business.

Fenix managing director Rob Brierley said the strong operational performance has enabled Fenix to ship more than 1.3 million wmt of high quality iron ore for the full financial year.

“We generated $15 million in net operating cashflow during the June quarter despite lower iron ore prices, higher diesel and shipping costs, and after payment during the quarter of $11 million in tax,” he said.

“Fenix’s ongoing ability to generate cash and profits was significantly improved during the quarter with the signing of the agreement to consolidate ownership of our road haulage joint venture.”