Atlas Iron targets production increase

Atlas managing director Ken Brinsden said the company was happy with its increased shipping volumes. Picture: Colin Murty Source: PerthNow

ATLAS Iron increased shipping volumes 16 per cent during the June quarter and expects to lift production further this financial year.

The Perth-based miner says it shipped 2.2 million tonnes of iron ore during the June quarter, up 16 per cent on the previous three months.

It says it plans to produce between 9.8 and 10.3 million tonnes this financial year, compared to the 7.4 million tonnes it shipped during 2012/13.

Atlas says it received net cash flows from operating activities of $62 million, excluding working capital adjustments, during last financial year, while capital operating costs were around $49-50 a tonne, which was within its guidance range.

The company said the average price for its iron ore fell from $US126 ($A136.33) a tonne in the March quarter to $US107 last quarter, but the price had since recovered.

Atlas managing director Ken Brinsden said production had been affected by unseasonal bad weather in Western Australia during the June quarter.

But he said the company was nonetheless happy with its performance.

"This is a strong result, with the company continuing to expand production while meeting the quarter's cost and shipping guidance," he said in a statement to the Australian Securities Exchange on Wednesday.

"This was achieved despite difficult and unseasonal weather conditions."

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