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Fenix optimistic after last quarter's lower iron pricing, higher freight costs

Both key inputs have moved in better direction for miner

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At US$130/t, Fenix managing director Rob Brierley told an analyst conference call iron ore was about US$20/t more than recent lows, while freight costs are $10-15 less.

Fenix's strong operational December quarter saw 356,710t shipped from the miner's Iron Ridge project in Western Australia.

Fenix is currently delivering 50,000t per month into hedge contracts paying A$230/t.

Cash at the end of December was $55 million, with $24.1 million in dividend payments made in the quarter.

The cash is equivalent to 11c per share.

Shares in Fenix were down 25% to 23.5c in morning trade, capitalising the company at $236 million.

The stock was at levels above 40c in mid-2021. 

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