Atlas Iron affirms FY13 output target

Company News

Pilbara focused iron ore producer Atlas Iron Limited (ASX:AGO) has affirmed its full year production targets and spruiked its longer-term growth options. 

The miner says its plans to ship at a rate of 10 million tonnes per annum from June next year and grow to 12 million tonnes by the end of next year will only improve its economies of scale. 

The update comes after Atlas achieved record shipments of 700,000 tonnes wet metric tonnes of iron ore at an export rate of 8.4 million tonnes per annum in October. 

Atlas has also confirmed mining at Mt Dove will start next month and that it has secured environmental approvals for its South East Pilbara mines and connecting rail spurs. 

The company has awarded Maca Limited (ASX:MLD) two contracts worth $200 million to provide mining and crushing services to Atlas’ Abydos Hematitie Iron ore Project in Western Australia.

Atlas Iron booked a net loss of $114.6 million in the 2012 financial year.