Atlas back to work
ATLAS Iron has reopened its Mount Webber mine, meaning all three of its Pilbara mines are running again less than three months after shutting them. Atlas suspended all mining and trading in its shares in April when it was losing money and the iron ore price plunged to decade lows below $ US50 a tonne. It responded by striking a profit- sharing, cost- cutting deal with its contractors after talks with creditors holding its $ A353.24 million debt. Atlas chief executive David Flanagan said Atlas’s greatly improved cost base of a $ US50- atonne break- even price would underpin strong cash flow.