Atlas irons out a profit problem

Original article by Paul Garvey
The Australian – Page: 19 : 30-Jan-18

Shares in Atlas Iron shed more than 16 per cent to close at $A0.026 on 29 January, after the iron ore miner advised that its Pilbara operations posted a cash loss of $A1.2m during the December 2017 quarter. Atlas Iron’s net cash position fell to $A104m at the end of the quarter, amid a sharp rise in the price discount for lower-grade iron ore. CEO Cliff Lawrenson says Atlas Iron’s daily operations are making money despite the price discount. He adds that the expected closure of Cliffs’ Koolyanobbing iron ore mine later in 2018 could create new supply opportunities for Atlas.

CORPORATES
ATLAS IRON LIMITED – ASX AGO, CLEVELAND-CLIFFS INCORPORATED, PILBARA MINERALS LIMITED – ASX PLS, FORTESCUE METALS GROUP LIMITED – ASX FMG

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