Atlas ships record 10.9Mt in 2014
PERTH (miningweekly.com) – Iron-ore miner Atlas Iron has beaten its full year production guidance for 2014, after shipping some 3.1-million tonnes in the three months to June.
This has taken full-year shipment to a record 10.9-million tonnes, up 47% on the 2013 figures, while the June quarter results also meant that Atlas had achieved its target of hitting a production rate of 12-million tonnes a year in the full year.
“These strong quarterly and annual production results again demonstrate Atlas’ ability to operate existing projects efficiently while at the same time developing new mines,” said MD Ken Brinsden.
He noted that a combination of the company’s existing operations, its resource base and its pipeline of growth options placed Atlas in an enviable position among its peers.
Brinsden added, however, that the iron-ore market had softened as a result of the additional supply introduced by the major producers over the short period, which combined with the current credit constraints in China, had led to lower headline prices for iron-ore products, and increased discounts for Atlas product over the second half of the financial year, specifically in the three months to June.
“We are confident that the supply and demand balance for iron-ore and the value-in-use differential between products of differing grades means both price and product discounts have likely overshot their natural range,” Brinsden said.
He added that while it was encouraging to see some stability emerge in the iron-ore markets over recent weeks, the company would continue to focus on those issues it had control over.
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