Atlas confident of securing rail solution
KALGOORLIE (miningweekly.com) – The MD of midtier miner Atlas Iron, Ken Brinsden, on Tuesday said that he was confident that the company would secure infrastructure capacity to support its expanding production profile.
Atlas is currently producing some nine-million tonnes a year of iron-ore, with production expected to increase to ten-million tonnes a year by the September quarter, while a rate of 12-million tonnes a year has been targeted for the June 2014 quarter.
However, the miner will require access to a rail line to support its Horizon 2 projects, which will take production to 15-million tonnes and beyond.
Atlas previously reported that it is investigating all options for access to existing and proposed rail infrastructure.
Brinsden told journalists on Tuesday that the company had a number of upsides counting in its favour when negotiating rail access, including a strong balance sheet, a successful operating business, and existing port capacity.
“In our minds, these have always been key drivers to ultimately find a useful infrastructure solution.”
Brinsden noted that, while focus was firmly on finding an infrastructure solution for the expanded Pilbara operations, the company was revelling in its current success.
“We can’t lose sight of the fact that today’s business is really successful. We are generating what we think are pretty incredible margins, and generating a lot of free cash flow. We are going through a period in the business where we are actively reinvesting to ultimately grow the production base and, despite our best efforts, the cash balance is not shrinking. And that’s a good sign as to how well the business is doing,” Brinsden said.
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