Atlas Iron Limited
(ASX:AGO) will take on $US325 million of debt in an effort to boost production at its Pilbara operations in Western Australia.
The move comes after the junior miner achieved record shipments for the September quarter.
The debt comes via an underwritten commitment for a term loan facility, as weaker commodities prices continue to impact smaller miners.
Atlas announced record shipments of 1.6 million tonnes for the September quarter, a 6 per cent rise from the June quarter.
The output was in line with guidance and has prompted Atlas to increase its full-year production guidance to between 7.2 and 7.7 million tonnes.
CEO Ken Brinsden says an expenditure review has been undertaken as part of Atlas’ strategy for managing iron ore price volatility, identifying savings in both operating and capital costs.
Atlas booked a net loss of $114.6 million in the 2012 financial year.
