04/04/2011 - 09:36

Atlas posts record exports for March

04/04/2011 - 09:36

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Atlas Iron shares have inched upwards, after the iron ore miner posted record production for March, exporting 547,404 tonnes of direct shipping ore from its Pilbara mines.

Atlas posts record exports for March

Atlas Iron shares have inched upwards, after the iron ore miner posted record production for March, exporting 547,404 tonnes of direct shipping ore from its Pilbara mines.

Atlas' previous record was 541,000 tonnes, recorded in October 2010.

AT 9:32AM (WST) Atlas shares had increased 3.5 per cent, and were trading at $3.83.

The March result takes Atlas' cash on hand to $240 million, up from $143 million at the end of the previous quarter.

Atlas said the increase reflected strong sales volumes, higher iron ore prices, and reduced operating costs relative to the first half.

"This strong result, which came despite terrible weather during the quarter, highlights the underlying strength of the Atlas business," Atlas managing director David Flanagan said.

"It also represents the ongoing efforts of our staff and contractors across our operations, who have worked hard to set a fresh record."

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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