Australian miner Atlas Iron has announced that, due to recent significant falls in the iron ore price, it will progressively suspend its mining operations over the month of April, with exports to cease shortly thereafter.
Atlas Iron said that, despite an extensive cost-cutting program, the global supply-demand imbalance for iron ore has driven prices down to the point where it is no longer viable for the company to continue production. In light of this, Atlas will cease mining and crushing at its Mt Webber project next week. Mining and crushing at the Abydos project is scheduled to cease within 14 days and operations at the Wodgina mine are expected to be completed in late April.
All Atlas' projects will be put on care and maintenance, pending future iron ore market conditions.