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On March 25, Athena Resources announced that it had signed a non-binding terms list with Terra Mining and Fenix Resources for a strategic joint venture to develop the Byro Magnetite Project in Western Australia. JFS A3041 JNH270E Automotive steel strip, Operations are planned to commence in the first quarter of 2028. Under the joint venture agreement, Athena Resources will hold a 40% stake, while Terra and Fenix will each hold 30%. Athena will be responsible for resource supply and licensing applications, Terra for mining and processing, and Fenix for logistics and marketing.
By integrating their respective expertise, the three companies plan to establish an integrated "mine-to-port" supply chain. The core of the project is the Naril exploration area, located approximately 336 kilometers from Geraldton Port. The project plans to produce ultra-high-grade concentrate with an iron content exceeding 70%. This product is targeted at the green steel market, which demands raw materials with lower CO2 emissions. In the processing phase, the joint venture will utilize Terra's proprietary dry processing technology. Compared to traditional wet processing, this method eliminates the need for water infrastructure and minimizes water consumption. JFS A3041 JNH270E Automotive steel strip, This technology is expected to reduce environmental impact, shorten construction timelines, and lower costs. In terms of logistics, the project will leverage the network resources of Athena's largest shareholder, Fenix, including over 400,000 tons of storage capacity at Geraldton Port and a dedicated fleet of transport vehicles. Control of the logistics chain is expected to provide significant cost competitiveness.
The JORC total mineral resources of the Bairo magnetite project are estimated at 76.3 million tonnes. JFS A3041 JNH270E Automotive steel strip, The establishment of a production base in Naril aims to serve as a foothold for developing other deposits within the project area. The joint venture is also expected to contribute to the diversification of the local economy. Formal commencement of the project still requires approval from Athena's shareholders and final resolutions from the boards of directors of all parties.
