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Business Description: Atlas Iron Limited (AGO) is an iron ore producer with most of the projects prospective for iron ore and located within the Northeast Pilbara region, Western Australia (WA). Currently, all of AGO’s existing projects have total Resources of 1.09Bt@ 56.1% Fe, 7% SiO2, 3.3% Ai2O3, 0.09%P, 0.02%S, 8.6% LOl, 61.6% cafe, and Reserves (Proven and Probable) of 414Mt @ 56.8% Fe, 6% SiO2, 2.9% AI2O3, 0.1%P, 0.02% S, 8.8% Loi, 62.3% CaFe.
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.
The Age 25/05/2013 |
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The Age 25/05/2013 |
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The Age 25/05/2013 |
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The Age 25/05/2013 |
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