Australian iron ore miner Atlas Iron Limited has announced its financial results for the financial year 2013-14 ended on June 30.
According to the results, in the given period Atlas recorded a net profit of A$17 million, compared to a net loss of A$242 million in the previous financial year. Sales revenues of Atlas in the 2013-14 financial year increased by 58 percent year on year to A$1.09 billion, after shipping a record 10.9 million mt of iron ore in the given year, up 47 percent year on year.
Atlas Iron stated that the production growth was driven by the ramp-up of the Abydos mine and increased output at Wodgina. Stage 1 of Mt Webber mine started production in July this year and Stage 2 is now under construction with first production scheduled for the December quarter 2014.
For the 2014-15 financial year, Atlas Iron forecasts shipments of 12.2-12.8 million mt, with a further reduction in full-year cash cost to A$47-50/wet mt FOB.
