Australian
iron ore miner
Atlas Iron has stated that it has further reviewed its organizational structure in light of current market conditions, cutting approximately 80 jobs at its Pilbara operations and Perth office as a result of the sharp fall in
iron ore prices.
Atlas expects the measures to generate annualized savings of approximately A$15 million, while it will incur one-off restructuring costs of approximately A$3.5 million.
Atlas has also updated its annualized cost saving target to A$75-100 million by June 30, 2015.
Atlas said that it continues to diversify its customer base, with sales in the December quarter to include the company's first shipments to South Korea and India's west coast, along with its first mini cape vessel to India's east coast, which follows a number of previous Panamax size shipments to that region.