Australian iron ore miner Atlas Iron has announced that it shipped 3.86 million wet metric tons of iron ore in the quarter ended on March 31, rising by seven percent compared to the previous quarter. In the March quarter, the company's iron ore production amounted to 3.83 million mt, up nine percent quarter on quarter.
According to the company’s statement, it will implement financial restructuring and, therefore, it will reduce its loan debt from US$267 million to US$135 million, while it has extended the maturity date from December 2017 to April 2021. The company will also reduce its annual cash interest expense by over 65 percent as a result of the lower debt balance and reduced cash interest rate.
Atlas Iron also stated that its strategy to reduce costs in cooperation with its contractors and staff continues to deliver strong results. In addition, during the March quarter, it continued to benefit from lower freight prices.