Pilbara focused iron ore miner Atlas Iron Limited
(ASX:AGO) has welcomed the Western Australian State Government's royalty relief.
Subject to the price of iron ore remaining under an average of $90 per tonne over the next year the state government will provide a 50 per cent rebate on eligible haematite iron ore royalties.
Managing Director Ken Brinsden has described the measures as powerful and says Atlas Iron is aiming to achieve the rebate within the current quarter.
Mr Brinsden says the savings that may stem from this proposed initiative will help ensure the company remains competitive during the iron ore price downturn.
Atlas Iron advises it has paid more than $200 million in royalties since it started mining in 2008.
Atlas Iron reported a net profit of $14.25 million in the 2014 financial year.
