Shares of the Australian iron ore miner and producer, Fenix Resources (ASX:FEX), decreased by 2.2% to A$0.225.

This marks its largest intraday percentage fall since September 22.

Fenix Resources signed a binding agreement with Terra Mining and Extension Hill to sell their assets.

They also added that the transfer of assets is at a consideration of up to A$2 million.

This agreement also covers the transfer of Fenix Resources' rights, obligations, assets and liabilities of the decommissioned Extension Hill hematite operation from its unit, Fenix Extension Hill, to the buyers.

With the day’s losses included, this year the stock has decreased by a total of 4.2%.

Fenix Resources is an Australian-based mining company that specializes in the production and distribution of iron ore.