Australian iron ore junior, Atlas Iron, narrowed its first half loss in the six-months to December after a sharp rise revenue.
Net loss for the six months to December 31 was $24.4 million, down from $42.2 million for the same period in 2008 while revenue leapt to $41.7 million, from $3.5 million previously.
Mine development costs for the first half were $38.9 million, up from $25.4 million in the previous year.
Atlas shipped 1.08 million tonnes of iron ore from its Pardoo mine in Western Australia's Pilbara region, to steel makers in China between December 2008 when production commenced and December 2009. The company expects to increase production to 2.4 million tonnes per year by the middle of 2010.
Atlas has also commenced construction at its Wodgina mine in the Pilbara. Production is expected to commence in April or May of this year.
Atlas’s shares were suspended on Tuesday pending a price-sensitive announcement. It was reported earlier in the week that India’s NMDC was leading a bid to take a stake of up to 70 per cent in the Pardoo project.
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