Athena Resources has signed a joint venture partnership with Terra Mining and Fenix Resources to accelerate its Byro magnetite project in Western Australia toward production.
The deal is a transformative milestone for Athena, transitioning the company from explorer to potential producer at its Narryer Prospect.
Under the proposed terms, Athena will retain a 40 per cent profit share, while its partners provide the lion’s share of mining, processing, and logistics capital.
The joint venture combines Athena’s high-grade resource with the established operational muscle of its partners.
Terra Mining, a subsidiary of the multi-billion-dollar Shanghai-listed JCHX Mining, will deploy its proprietary dry-processing magnetite mining capability, currently the only operational system of its kind in Australia.
Meanwhile, Fenix Resources, Athena’s largest shareholder, will leverage its fully integrated pit-to-port logistics network and its five million tonnes per annum capacity at the Geraldton Port to manage the project’s logistics and marketing.
Athena’s CEO Peter Jones said: “This joint venture represents a transformative moment for Athena.
“By combining our high-quality magnetite resource with Terra Mining’s proven dry-processing capability and Fenix’s established logistics network, we have assembled a partnership that can take Narryer from prospect to potential production.”
The project is targeting a first quarter of 2028 start-up, pending final approvals.
A main advantage of the partnership is the use of Terra’s dry-processing method, which eliminates the need for large-scale water usage and wet tailings dams.
This low-footprint approach aligns with the global shift toward green steel.
Previous samples from the Byro Project have demonstrated premium concentrate grades above 70 per cent Fe, positioning the company as a prime candidate to supply the high-spec feedstock required for low-carbon smelting.
Narryer is seen as a springboard for the broader Byro project, which boasts an existing resource of 76.3 million tonnes across the Byro South and FE1 deposits.
Successful production at Narryer is expected to de-risk these larger assets, providing a blueprint for future expansion in Western Australia’s emerging green industrial corridor.
