On August 25, the Australian iron ore miner Atlas Iron Limited announced its financial results for the financial year 2010-11 (ended June 30), returning to profit after recording a net loss for the previous financial year.
According to the financial results, in FY 2010-11 Atlas recorded a net profit of A$169 million (US$176.88 million) compared to the net loss of A$41 million in the previous financial year. Comparing the given periods, revenues of Atlas jumped from A$85 million to A$585 million (US$612.45 million).
As SteelOrbis previously reported, Atlas is now exporting consistently at a rate of 6 million mt per year and is targeting to double its export rate by December 2012, as it commences mining at its other North Pilbara projects namely, Mt Dove, Abydos and Mt Webber.