Australia-based miner Atlas Iron Limited has announced that its total Pilbara iron ore reserves have increased by 21 percent to 499 million mt, further strengthening the company's existing operations, near-term development projects and its longer-term growth strategy.
According to Atlas Iron, the upgraded reserve estimate, compared with the previous estimate published on June 30, 2012, includes a 21 percent increase at Mt Dove, where production started recently, and a 25 percent rise at Abydos, where construction is underway. The increase also includes a 98 percent jump in reserves at McPhee Creek.
Atlas stated that the substantial reserve growth, particularly at McPhee Creek, was the result of continued reinvestment through extensive drilling programs, engineering and ongoing feasibility works conducted over the past 18 months.