Thursday, 21 Apr 2011 | AAP
Atlas Iron Ltd reported a slight fall in iron ore production and exports in the third quarter due to the weather in what has been an otherwise buoyant period for the miner.
The Perth-based company processed 1.184 million tonnes of ore, a six per cent drop on the December quarter figure of 1.261 million tonnes.
It said it was on track to export a record 1.5 million tonnes of ore in the June 2011 quarter, after the company shipped 1.39 million tonnes (wet) in the March quarter.
That was a drop of two per cent on the previous quarter.
The slight blip did not worry traders, who had pushed up the company's share price by 11 cents, or 3.12 per cent, to $3.64 by the close of trade.
Major miners Rio Tinto Ltd and Fortescue Metals Group's recorded more adverse effects from flooding in Australia's north, with production slumping by more than 15 per cent for both.
Atlas Iron achieved a series of milestones during the quarter including posting a maiden profit for the first half of $30.1 million.
The company, which has a market capitalisation of $2.9 billion, was added to the S&P/ASX 100 index and bought a controlling stake in fellow iron ore miner Giralia Resources NL.
Atlas Iron said in a statement that it had ramped up iron ore exports from 1 million tonnes per annum to about 6 million tonnes, having shipped a record 547,404 tonnes in the month of March.
Cash costs (excluding royalties) for the quarter were within it's targeted $40 to $43 per tonne range and the company had $293 million cash on hand.
"The company is generating its largest cash flows since commencing operations in 2008, while also on track to meet its target of exporting at a rate of 12Mtpa (million tonnes per annum) by the end of 2012," it said.
"Atlas is working to become a globally significant supplier of steel making raw materials through the discovery and development of low capital cost iron ore projects close to port."
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