Atlas Iron Limited
(ASX:AGO) is set to take full ownership of the Mt Webber Mine from its joint venture partner Altura Mining Limited
(ASX:AJM).
The iron ore miner says Altura’s share represents 16 per cent of the project and an indicative cost of the share stands at $22 million.
The company will own 100 per cent of the mine, having funded 100 per cent of the development costs.
Managing Director Ken Brinsden says the purchase decision reflects confidence in Mt Webber as a high quality, low cost asset, where Atlas is just finalising its expansion to 6MT pa.
Atlas Iron reported a net profit of $14.25 million in the 2014 financial year.
