Atlas posts $1.4B loss on iron ore plummet

Company News

Embattled miner Atlas Iron Limited (ASX:AGO) has reported a $1.4 billion full year loss as it continues to grapple with plummeting iron ore prices. 
 
The Perth based miner says its statutory net loss came amid record exports of 12.2 million tonnes for the year. 
 
Revenue for the year was down by 35 per cent on the back of big falls in the USD price of ore. 
 
The company managed to reduce costs during the year by $150 million with mining operations largely suspended, but that was dwarfed by write-downs and asset impairments reaching more than $1 billion.
 
Managing Director David Flanagan says that while the company can’t influence the ore price, it has moved the needle on its cost base and is seeing the results.

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