Fenix Resources makes strong start as iron ore producer with shipments totalling 220,000 tonnes The company expects a surge in production and shipments in the coming quarters in line with the streamlining of steady output at the project along with a likely fall in capital expenditures. Cash at the end of the quarter was $26.7 million and the company has no bank debt. Fenix Resources Ltd (ASX:FEX) shipped a total of 220,000 tonnes of iron ore from the Iron Ridge Project at an average price of US$156/tonne during the March quarter with the ramp-up now complete. C1 costs averaged A$93/tonne and are expected to progressively decline to approximately AS$85/tonne now that the ramp-up is complete.