Australian iron ore miner Atlas Iron has announced that it has beaten its full year guidance after shipping a record 3.1 million wet metric tons of iron ore in the quarter ended on June 30, increasing by 14.8 percent compared to the previous quarter. In the financial year 2013-14 ended June 30, the company shipped 10.9 million mt of iron ore, exceeding the full year shipment guidance of 10.2-10.7 million mt. The full year shipments registered a 47 percent growth compared to the previous financial year.
According to Atlas, the June quarter results also indicate that the company has achieved its target of hitting an annualized production rate of 12 million mt in the financial year 2013-14.
Atlas managing director Ken Brinsden said the iron ore market had softened as a result of the additional supply introduced by the major producers over a relatively short period. This, combined with current credit constraints in China, had led to lower headline prices for the benchmark 62 percent Fe product and increased discounts for product of Atlas' nature over the second half, and in particular in the June quarter.