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BRIEF-Atlas Iron provides June qtr production update

Published 31/07/2015, 06:15 pm
© Reuters.  BRIEF-Atlas Iron provides June qtr production update
AGO
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July 31 (Reuters) - Atlas Iron Ltd AGO.AX :

* Quarterly report AGO.AX

* Operations resumed at two pilbara mines, with third resumed in July

* Production ramping up to 14-15mtpa target by end of cy2015

* June quarter ore tonnes shipped (wet) 1.9m wmt versus 3.4 wmt in March quarter

* Says agreed to change timing of payments to key contractors

* June quarter all-in cash costs A$ $61 wmt cfr China versus a$60/wmt cfr China in March quarter

* Says timing of payments to key contractors, resulting in a draw-down of cash

* June quarter ore mined 1.8 million wmt versus 3 million wmt in March quarter

* Says cash as at 30 June 2015 was A$73M

* Says atlas shipped 12.2m wmt for FY 2015

* Effects of provisional pricing are expected to continue to be less material to the business going forward than has historically been the case"

* Says now hedging a greater proportion of its cargoes

* Iron ore price volatility reflected significant global economic challenges over the quarter, including uncertainties with respect to Greece and the eurozone"

* Says at the end of the quarter, atlas had approximately 2 million wmt subject to some form of forward price fixing

* Source text for Eikon ID:nASX68chqr

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