Trade Resources Industry Views Atlas Announced Its Financial Results for The Financial Year 2013-14

Atlas Announced Its Financial Results for The Financial Year 2013-14

Tags: iron ore, Atlas

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.

Source: http://www.steelorbis.com/steel-news/latest-news/atlas-iron-back-in-black-in-fy-2013_14-843751.htm
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Atlas Iron Back in Black in FY 2013-14
Topics: Metallurgy