Atlas Iron Limited
(ASX:AGO) has completed a $US325 million financing package and remains on track to meet its Pilbara iron ore production targets by December next year.
The completion of the financing package provides Atlas with sufficient funds to complete the development of its Mt Dove, Abydos and Mt Webber mines, with the latter subject board approval in the March quarter of next year.
Funds will also be directed towards expansion works at Atlas’ Utah Point site, also in the Pilbara.
Managing Director Ken Brinsden says its financing arrangements are consistent with Atlas’ policy of achieving short and long term growth while maintaining a conservative balance sheet.
Atlas Iron booked a $115 million loss in the 2012 financial year.
