Atlas Iron Ltd (ASX:AGO) says it is on track to be in a net cash position by the middle of this year.
The company also says it had strong December quarter results – in which they capitalised on higher iron ore prices by shipping a total of 4 mega tonnes.
In regards to its cash position, Atlas Iron says its balance at the end of last year was $134 million, while Standard & Poor’s has upgraded its credit rating from CCC to B-.
In mid-December last year, the company also appointed a new Managing Director and CEO, Cliff Lawrenson.
Atlas Iron posted a net loss of $159 million at 30 June 2016.