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Business Description: Atlas Iron Limited (AGO) is an independent Australian iron ore company which produces and exports mining and exporting Direct Shipping Ore (DSO) from its mines in the Northern Pilbara region of Western Australia. Currently, AGO‚Äôs projects have total Resources of 1.17Bt@ 56.1% Fe and Reserves (Proven and Probable) of 506.8Mt @ 56.1% Fe. FY13 DSO shipping is 7.4Mt.
Strategy Analysis: Atlas operates three iron ore mines at Pardoo, Wodgina and Mount Dove in the Pilbara region of Western Australia. Production exceeded 6Mtpa by the end of 2012 with 12Mtpa targeted by 2014. Atlas continues to pursue acquisitions predominantly within the Pilbara region. An exploration program has been rolled out with a substantial increase in the resource and reserves position so far.
Atlas Iron reported a net loss of $256.04m for the half-year ended 31 December 2012. This result was adversely impacted by a previously announced non-cash impairment charge on capitalised tenement costs and a non-cash write-down on non-core assets of $258.0m. Revenues from ordinary activities were $288.26m, down 15.6% from the same period last year. Basic and Diluted EPS was (28.3) cents compared to 0.7 cents last year. The net operating cash outflow was $5.32m compared to an inflow of $117.71m in the pcp. The interim dividend declared was 3.0 cents compared with 3.0 cents last year. The company is now producing at a rate of 8Mtpa and is on track to increase production to 10Mtpa by the end of June 2013.
By Michael McCarthy (chief market strategist, CMC Markets) 19/12/2014 |
Traders and investors caught short heading into the FOMC scrambled for cover in Europe and the US, in many cases driving indices to their best one day performance for 2015.
By Betty Lam (Sales Trader, CMC Markets) 18/12/2014 |
Lead by the Fed-fervour offshore, Australians shares jumped on the Yellen cheer wagon. The material and energy stocks were back in vogue as both sectors gained over 3% in morning trade.
By Michael McCarthy (chief market strategist, CMC Markets) 18/12/2014 |
In spite of a frenzied pre-mortem, a benign statement from the US Federal Reserve‚Äôs Open Market Committee and steadying commodity markets drove investors back into share markets overnight. A calmer, stronger ruble helped offset European growth fears, highlighted in the overnight session by further declines in inflation.
By Betty Lam (Sales Trader, CMC Markets) 11/12/2014 |
Offshore jitters sent ripples through to Australian stocks. The open saw the local equities take 65 points off the index, catalysed by a mass-exit in energy stocks, yet again.
By Ric Spooner (Chief Market Analyst, CMC Markets) 10/12/2014 |
Yesterday‚Äôs news on Greek politics and China‚Äôs bond market came at a time when US and European stock markets have extended rallies and pushed valuations higher. This makes those markets vulnerable to downward corrections as profit takers act to avoid missing out.
BR Securities Australia Pty Ltd 2/12/2014 |
December 2014 could go down as a nasty moment in Australian finance. MYEFO will reveal a deteriorating budget deficit and the UNFCCC meeting in Lima, Peru will provide the agreement, to be ratified in Paris in 2015, on how much (or little) CO2 is to be allowed into the atmosphere from 2020.
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