ASX-listed Fenix Resources has struck a deal with Sinosteel Midwest Corporation (SMC) for the exclusive right to mine and export up to 10-million tonnes of iron-ore from the Beebyn-W11 iron-ore deposit, in the Weld Range. Under the terms of the agreement, Fenix will pay A$5-million in cash on the execution of a definitive agreement, and a further A$5-million milestone payment on the receipt of mining approvals.
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