Business
Why is the Fenix Resources (ASX:FEX) share price higher today? // The Motley Fool Australia
The Fenix Resources Ltd (ASX: FEX) share price is trading nearly 2% higher at 26.5 cents a share today. The price bump follows the release of the company’s quarterly results.
The company has experienced significant growth over the previous 12-month period with the Fenix share price powering up close to 400% higher.
Here’s what we learned.
Everyone is loving iron ore
In its December quarterly activities report, Fenix advised that iron ore production is underway at Fenix’s Iron Ridge project in Western Australia.
Fenix estimates “approximately 60,000 tonnes of combined lump and fines product scheduled for early February”.
With the price of iron ore up around 79% for the year trading close to $170 a ton, that’s roughly a…
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