Fenix Resources (ASX:FEX) partnered with dry bulk vessel operator Mira Bulk to form the Fenix-Mira Bulk freight partnership to target lower shipping costs for Fenix's iron ore products, according to a Monday Australian bourse filing.
Under the arrangement, the firm will pay market-rate commissions and will ultimately earn a share of the partnership's profits based on the shipped volume of its iron ore products.
The partnership also enabled Fenix to secure $44 million in long-term funding facilities with Resource Invest, one of the joint owners of Mira Bulk.
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