Atlas Iron’s iron ore shipments decrease in Q1

Monday, 30 April 2012 17:07:18 (GMT+3)   -  
SteelOrbis News

Australian iron ore miner Atlas Iron Limited has announced that in the first quarter of this year it shipped 1.21 million wet metric tons (wmt) of direct shipping ore (DSO), down 13 percent compared to the previous quarter, predominantly due to the combined effects of two cyclones in January and March and heavy rain affecting mining, processing and haulage, and a significant unplanned breakdown at the Utah ship loading facility in January.

"This has been a solid performance from Atlas in the face of some difficult conditions. We have completed 30,474 metres of drilling, continued the Wodgina expansion project and approved investments in our Abydos and Mt Dove DSO projects," commented Atlas managing director Ken Brinsden.

The company's shipment target for the 2011-12 financial year remained approximately 5.5 to 5.7 million wmt. Atlas also said that it is planning to commence a further three mines in the North Pilbara to achieve exports at a rate of 10 million mt per year by June 2013 and 12 million mt per year by December 2013. With the addition of McPhee Creek and its South East Pilbara assets, Atlas plans to progressively expand its exports, targeting 46 million mt per year during the 2017 calendar year.
Atlas had $362 million cash in hand as of March 31, 2012, down from $380 million at the end of the previous quarter.

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