Atlas Iron Limited
(ASX:AGO) will partner with Altura Mining Limited
(ASX:AJM) in a $146 million joint venture at Mt Webber in Western Australia's Pilbara region.
Altura says it’s reached an agreement with Atlas to construct and develop the direct shipping ore mining operation with first shipments planned for the second quarter of 2014.
Atlas Iron will hold a 70 per cent stake in the joint venture and manage the operations. The 30 per cent balance will be held by Altura.
Once operational, the Mt Webber project will produce three million tonnes per annum, which will be sold through the Port Hedland export facility in north-western Australia
Altura will finance its share of the capital cost through a finance package provided by Atlas.
Atlas posted a net loss of $256 million in the first half of the 2013 financial year.
