Fenix announces maiden profit result

IRON ore minnow Fenix Resources has always been upfront about its plans to harvest a lot of cash from the business and return it to shareholders in the form of dividends, and it has just finalised a formal policy, just six months after shipping its first cargo.

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Iron Ridge

Fenix transformed from developer to miner in February, shipping a maiden 37,157 wet metric tonnes of product from its Iron Ridge mine in Western Australia's Mid Wet region.