Fenix Resources (ASX:FEX) secured new iron ore hedging contracts for an additional 240,000 tonnes of iron ore between January and December, adding to the 420,000 tonnes of hedges previously secured for the same period, according to a Tuesday filing with the Australian bourse.
The company's iron ore hedge book now holds 660,000 tonnes in total, with 80,000 tonnes per month from January to June at an average price of AU$154.45 per tonne, and 30,000 tonnes per month from July to December at an average price of AU$154.77 per tonne, the filing said.
The company's iron ore hedging arrangements involve swap contracts with Macquarie Group's (ASX:MQG) Macquarie Bank, per the filing.
Fenix Resources shares fell nearly 2% in morning trade Wednesday.
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