Atlas iron ore shipments drop 50 percent in Q2 2010

Australian iron ore miner Atlas Iron Limited announced on July 28 that it shipped 164,706 dry metric tons (dmt) of iron ore in the second quarter of 2010, decreasing 50 percent from 326,521 dmt in the previous quarter.
 
Meanwhile, in the period in question the company mined 283,111 mt of iron ore, declining by 27 percent quarter on quarter from 389,703 mt. Atlas processed 322,686 mt of iron ore in the second quarter, down four percent compared to 335,155 mt in the previous quarter.
 
Atlas also stated that it is on track to more than quadruple its Pilbara iron ore exports to a rate of 6 million per annum by December this year. The company had $155.2 million of cash on hand as of June 30, 2010.
 
As SteelOrbis previously reported, Atlas had agreed to buy minor iron ore miner Aurox on March 10 in a deal worth AU$149 million at that date. A meeting of Aurox shareholders to vote on the deal is scheduled for August 6 next. Subject to this approval, the merger is expected to be completed by the end of August.