Atlas Iron expecting to be in net cash position in 2017

Company News

by David Chau

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.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.