Western Australia govt extends helping hand to struggling Atlas
The Western Australian government last week extended a helping hand to struggling iron-ore miner Atlas, with Mines and Petroleum Minister Bill Marmion saying Atlas would receive support in the form of a 50% rebate on eligible hematite iron-ore royalties for up to 12 months, subject to the ore price remaining below an average of A$90/t over the period.
The company was only the second miner to receive the offer, following in the footsteps of junior BC Iron in April this year. “While our relief scheme effectively defers half of a miner’s royalty obligations for a year, it’s important to note that the remaining 50% continues a significant royalty flow to the state,” the Minister said.
“In the case of Atlas, the scheme no doubt reinforces the company’s capacity to keep operating, helping secure the livelihoods of hundreds of Western Australian families,” Marmion said.
The Minister noted that the company had taken significant steps to remain operational, adding that the royalty relief would likely build on the extensive efforts already made.
Atlas MD Ken Brinsden said that, as a result of the relief programme, Atlas would be able to access a cash refund of about A$12.5-million for royalties paid in the December 2014 and March 2015 quarters upon final processing of its quarterly applications in late June.
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