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On August 27, Western Australia-based emerging iron ore producer Atlas Iron Limited announced its results for the financial year 2009-2010 (FY 2009-10) ended June 30, stating that the company was now ideally placed to reap the benefits of surging production and solid iron ore prices following expansion despite the reported loss for the year.
 
Atlas's net loss of AU$42.1 million (US$37.4 million) in FY 2009-10 was down 37.7 percent compared with a net loss of AU$67.6 million in FY 2008-09. This loss includes a AU$24.1 million charge for exploration and evaluation activities written off - spent on those projects which have not yet reached final investment decision - and a combined AU$23.4 million charge relating to the write-off of goodwill and transactions costs associated with the merger with Warwick Resources Ltd.
 
Total sales revenue for the period was AU$84.8 million (US$75.3 million), up from A$26.4 million for the year up to June 30, 2009.
 
Atlas is on track to be producing at an annual rate of six million metric tons by Christmas, over five times the rate of the past financial year, as production ramps up at the Pardoo mine and the company's new Wodgina mine, the company statement pointed out.
 
Atlas managing director David Flanagan said, "Atlas is now making the key transformation from a development company to a mining company with rapidly growing production and sales revenue."