Australian
iron ore miner
Atlas Iron has announced that its Abydos mine has resumed
production operations, with Wodgina pit operations to recommence next week. Once at full
production,
Atlas will produce approximately 9 million mt per year of ore from its Abydos and Wodgina mines.
The
iron ore miner said that its Mt Webber mine is expected to recommence shipping during the September quarter, while it is targeting up to 6 million mt per year from the mine. With Mt Webber back in
production, this would increase
Atlas' annual
production to a targeted 14-15 million mt per year by year end.
"Our
production costs will be very competitive against other global supply. This will underpin our ability to generate strong cash flow which, in combination with the capital raising, will provide the company with a robust balance sheet that can withstand the sort of
iron ore price volatility we have witnessed in recent times," said
Atlas chairman David Flanagan.