Atlas Iron gets $3.4m from first sales

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Jan 2009

Iron ore miner Atlas Iron Ltd received $3.4 million from ore sales in the December quarter and had $83.33 million remaining in its war chest at the end of calendar 2008. The company has made two commercial shipments to unnamed Chinese steel mills since commencing production at its Pardoo mine near Port Hedland in Western Australia in late October. Atlas said it had a strong project pipeline, with the potential for production rates up to 16 million tonnes per annum of sought-after direct shipping ore.
"As the company demonstrates its capacity to discover, assess and execute, it is well positioned to advance a number of projects concurrently with the intention to both expand the company's production base and extend mine life," it said.
Shares in Atlas inched one cent lower to $1.19 on Friday.

Source: AAP