At­las back to work

Townsville Bulletin - - NEWS -

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.

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