Here’s why the Fenix (ASX:FEX) share price rocketed up 26% today

The Fenix Resources Ltd (ASX: FEX) share price rocketed up 26% today on news it has secured a deal with Geraldton Port. The agreement will allow the company to export 1.25 million tonnes per annum of iron ore using the port’s shiploader.

At the time of writing, the Fenix share price is trading at 21.5 cents, in a day where share prices of iron ore producers on the ASX have broadly risen.

About today’s agreement

Fenix signed binding port access and lease agreements with Mid West Ports Authority (MWPA), operator of the Port of Geraldton in Western Australia.

These agreements will secure for Fenix a port allocation of 1.25 million tonnes per annum of iron ore, to be exported utilising the Berth 5 shiploader.

The term of the lease…