Posted in | Iron Ore | Earnings

Atlas Iron Hits Targets 2 Months Ahead of Schedule

Atlas Iron increased iron ore shipments by 78 per cent in the September quarter and managed to meet its annualized export rate of over 6 million tonnes per annum in October 2010. This target was met 2 months before forecast.

Shipping 541,000 tonnes in October through the port of Port Hedland helped the company meet its goal way ahead of schedule. Now the company is looking to build up to an annualized export rate of 12 million tonnes per annum.

David Flanagan the Managing Director of Atlas Iron Ltd said that the astounding result is a good reflection of the company's ability to start a new mine, get the ore to the port and onto ships at the right specification, on budget and ahead of time.

Atlas Iron was badly hit by the global crisis and is still reporting a net loss of $40.85 million in the year until 30 June. However it has improved its fiscal position continuously in 2010 and is working on expansions of current mines.

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