31/08/2009 - 10:42

Atlas Iron books $63.1m FY loss

31/08/2009 - 10:42

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Exploration expenses have dug a deep hole in Atlas Iron's bottom line, with the miner today reporting a $63.1 million net loss for the 2009 financial year.

Atlas Iron books $63.1m FY loss

Exploration expenses have dug a deep hole in Atlas Iron's bottom line, with the miner today reporting a $63.1 million net loss for the 2009 financial year.

In its annual report released today, Atlas said exploration and evaluation expenditure reached $52.3 million while operating, administration and port prepayment costs were $41.6 million.

Atlas, which started mining operations at its Pardoo project in the 2009 financial year, said iron ore sales reached $25.3 million.

The net loss compares with a $38.3 million loss recorded in the 2008 financial year.

At the end of the reporting period, the miner had $124.3 million cash at hand.

 

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