Australian iron ore miner Atlas Iron Limited has announced its financial results for the financial year 2011-12 ended on June 30, posting a net loss amid lower iron ore prices and the continued strengthening of the Australian dollar.
According to the financial results, in FY 2011-12 Atlas recorded a net loss of A$115 million (US$119.5 million), compared to a net profit of A$169 million in the previous financial year. Sales revenues of Atlas in the given period increased by 5.64 percent year on year to A$618 million (US$642.1 million).
Atlas Iron stated that its iron ore shipments in the given period reached 5.6 million mt, up 22 percent year on year. With the development of its Mt Dove, Abydos and Mt Webber projects in the next 15 months, the company is targeting an export rate of 12 million mt per year by December 2013 and 46 million mt per year by 2017 with its Horizon 2 projects at McPhee Creek and the Southeast Pilbara.
Atlas Iron also stated that North West Infrastructure in which Atlas has a 63 percent stake has been granted the right to develop two berths for export of iron ore in South West Creek at Port Hedland.