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Atlas Iron Ltd . (ATLGF)

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Last Post: 4/19/2017 8:45:27 AM - Followers: 0 - Board type: Free - Posts Today: 0


Registered & Principal Office: 
Level 18, Raine Square
300 Murray Street
Perth WA 6000 

Postal Address:
PO Box 7071
Cloisters Square PO WA 6850

Tel: +61 (0) 8 6228 8000

Fax: +61 (0) 8 6228 8999




Investor Relations

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relations enquiry, please direct it to: 

Atlas is an independent Australian iron ore company, mining and exporting Direct Shipping Ore from its operations in Australia's Northern Pilbara region. Since listing on the ASX in late 2004, Atlas has grown into a mid-sized iron ore mining and exploration company.

Our strategy

Atlas’ purpose is to deliver mineral products that create value for its shareholders, employees, customers and the communities in which the Company operates. Atlas’ strategy is to bolster a sustainable production platform that delivers a reliable return to its shareholders. Consistent with this strategy, Atlas seeks to: • Strengthen its balance sheet through continued debt reduction; • Develop its Pilbara mines to maintain production levels consistent with Atlas’ position in the market; and • Maximize the margin generated by the business through continued focus on cost reduction and revenue enhancing opportunities.

Our performance

Whilst Atlas has had a challenging year with respect to its debt restructure and a continued volatile iron ore market (particularly in the 1st half of FY2016), there have been significant operational achievements focussed on maximising value:

• 25% reduction in C1 cash costs
• Increased proportion of higher value lump product sales as a result of the Mt Webber plant conversion
• Record Shipped tonnes of 14.5Mt
• Successful debt restructure. The Company has continued to reduce production costs, with the C1 cash cost of production reduced by 25% from $45.74/WMT in FY2015 to $34.39/WMT in FY2016.
Mt Webber mine was successfully restarted (first processing commencing in the first quarter of FY2016) after suspension of operations in late FY2015 with capital works on the process plant (to enable Lump production) also successfully completed on budget and on time by December 2015.

Atlas Iron Limited (ASX: AGO, USA: ATLGF) is pleased to report on what has been an outstanding December 2016 Quarter underpinned by strong margins and production, resulting in substantial debt reduction. Atlas Managing Director Cliff Lawrenson said the result placed Atlas in a significantly stronger position. “Atlas capitalised on higher iron ore prices by shipping 4Mt for the period and keeping C1 costs steady,” Mr Lawrenson said. “This performance resulted in strong cashflow, which in turn enabled Atlas to strengthen its balance sheet by making a A$54M debt repayment in early January 2017. “Atlas is well-positioned to continue this performance in the March 2017 Quarter due to hedging contracts in place for many of this quarter’s shipments at prices equivalent to those realised in the December 2016 Quarter. “In light of this strong outlook, Atlas is now on track to be in a net cash position by the middle of this year.”

News out: January 24, 2017 Update: Atlas December 2016 Quarterly Activities Report

Atlas Iron Limited - Annual Report 2016


• Net operating cashflow of A$56M after interest, contractor profit share and realised hedge impact
• 4.0M WMT shipped in the December 2016 Quarter (Sept 2016 Qtr: 4.1M WMT)
• Average realised price (inclusive of low-grade Value Fines product and realised hedge impacts) of A$66/WMT CFR (Sept 2016 Qtr: A$54/WMT CFR)
• Operating Costs of A$34/WMT FOB (Sept 2016 Qtr: A$34/WMT FOB)
• Full Cash Costs of A$55/WMT CFR (Sept 2016 Qtr: A$50/WMT CFR) following increase in freight rates and other revenue-based payments
• A$54M of debt repaid in January 2017, reducing Term Loan B debt to A$118M after foreign exchange impact (30 Sept 2016: A$177M), in addition to A$19M of interest & principal repaid during the December 2016 Quarter
• Cash on hand at 31 December 2016 of A$134M pre the A$54M debt repayment (30 Sept 2016: A$95M)
• In January 2017, S&P Ratings Services upgraded its corporate and senior secured credit ratings on Atlas to “B-” from “CCC”

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