Australian iron ore miner Atlas Iron Limited has announced its financial results for the first half ending on December 31 of the financial year 2013-14.
According to the results, in the given period Atlas recorded a net profit of A$74 million, compared to a net loss of A$256 million in the corresponding period of the previous financial year. Sales revenues of Atlas in the first half increased by 104 percent year on year to A$588.2 million, driven by strong pricing outcomes and outstanding production growth.
Atlas Iron stated that its iron ore shipments in the given period reached 5.1 million mt, up 54.5 percent year on year. For the financial year 2013-14, the company expects iron ore shipments of 10.2-10.7 million mt.
Meanwhile, Atlas stated that the board approved the development of Mt Webber iron ore project's second stage which will double the production capacity to 6 million mt per year of iron ore. First iron ore export from the first stage is expected in the June quarter of 2014, while the expanded production rate of 6 million mt per year is scheduled to be achieved by the end of the December quarter of 2014.
