Australian iron ore miner Atlas Iron has announced that it shipped two million wet metric tons of iron ore in the quarter ended on March 31, falling by nine percent compared to the previous quarter, due to wet weather and the closure of the Abydos mine. In the March quarter, the company's iron ore production amounted to 2.05 million mt, down nine percent quarter on quarter.
Atlas Iron’s managing director Cliff Lawrenson stated that the March quarter’s performance was impacted by a series of adverse market conditions.
“We were squeezed by a combination of factors including the impact of the significant ongoing discounts applied to lower-grade iron ore, the impact of provisional pricing estimates after the rapid fall in forward prices late in the quarter and higher unit operating costs stemming from our reduced production volumes,” stated Mr. Lawrenson.