Atlas to sell 50% interest in Iron Ridge iron ore project
According to foreign media reports, Fenix Resources announced that atlas, an Australian mining company, may sell 50% of the planned output of Iron Ridge iron ore project.
In May 2006, Prometheus mining PTY limited (PML), a Fenix subsidiary, acquired the Iron Ridge iron ore project from Weld Range Iron Ore PTY Limited, a wholly-owned subsidiary of atlas. On August 28, Atlas decided to act as the marketing agent for the iron ore project, with a 50% interest.
It is reported that the iron ore production capacity of the project is expected to be 1.25 million tons per year. Fenix plans to start iron ore mining activities on Iron Ridge in the second half of this year and start transporting iron ore in early 2021.