Australian iron ore miner Atlas Iron has announced that it shipped 3.8 million wet metric tons of iron ore in the quarter ended on December 31, increasing by 23 percent compared to the previous quarter. In the given quarter, the company's iron ore production amounted to 3.05 million mt, down 18 percent quarter on quarter. Atlas Iron's full year production guidance currently stands at 12.9-13.5 million mt.
According to Atlas Iron's statement, the company reduced its cash cost in the December quarter to A$46/wmt, from A$48/wmt in the September quarter of 2014.
Atlas said that the iron ore price fall continues to reflect the impact of the rapid expansion of iron ore supply from major Australian producers and reduced confidence among Chinese customers due to credit restrictions and falling steel prices. Discounts being offered in the market by major suppliers remained elevated compared to historical levels.