Atlas Iron Ltd. announced cost reductions and a major project completion in Australia’s ore-rich North Pilbara allowing for a break-even 2014, officials added; Q4 witnessed a $169 million balance as shipment of 3.8 million wet metric tons (wmt) exceeded forecasts.
Steady production and shipping, coupled with Pilbara port rights and enhanced iron ore resource inventory, a Perth-based Atlas spokesman noted, will further advance near-term cash flow; $40.5 million in one-time capital restructuring, they added, is pending following Mount Webber project-stage completion.
Company officials, seeking market share against BHP Billiton and Rio Tinto, are upbeat. “Operations are exceeding production,” said Managing Director Ken Brinsden; representatives cited favorable currency exchanges, oil prices and rates for ocean shipping amid 2015 guidance revisions to $55.8 million, down by $20 million.
