Australian iron ore miner Atlas Iron has announced that it shipped four million wet metric tons of iron ore in the quarter ended on December 31, remaining stable compared to the previous quarter. In the December quarter, the company's iron ore production amounted to 4.05 million mt, down seven percent quarter on quarter.
According to the company’s managing director Cliff Lawrenson, Atlas Iron capitalized on higher iron ore prices by shipping four million wet metric tons for the period and keeping costs steady and this performance resulted in strong cash flow, which in turn enabled the company to strengthen its balance sheet by making a partial debt repayment in early January this year.
Mr. Lawrenson also stated that Atlas Iron is well-positioned to continue this performance in the March quarter due to hedging contracts in place for many of this quarter’s shipments at prices equivalent to those realized in the December quarter. In light of this strong outlook, Atlas Iron is now on track to be in a net cash position by the middle of this year.