Atlas Iron Ltd. requested a voluntary suspension in the trading of its securities, pending the outcome of an extensive review of the company’s operations, financial outlook, asset sale opportunities and capital structure in light of the recent rapid fall in the iron ore price.
Atlas has made significant progress in reducing its production costs. However, the extent and pace of the decline in the iron ore price, which has fallen 24% to US$47.50/dmt since Atlas released its mid-year financials at the end of February, and the uncertain outlook, has prompted the company to initiate the comprehensive review.
