Atlas Iron Limited (ASX:AGO) Atlas December 2011 Half Yearly Report and Accounts
Sydney, Australia (ABN Newswire) - Atlas Iron Limited (ASX:AGO) is pleased to announce it had a record first half year for the six months ended 31 December 2011.
Total Iron Ore Shipments (WMT) Up 64.4% To 2.85Mt. Sales Revenue Up 69.2% To $341.4M. Gross Profit Up 104.1% To $142.3M. Underlying Profit1 Up 77.5% To $62.2M.
'This is an outstanding result which highlights the robust margins and cash-generating strengths of our assets,' Managing Director Ken Brinsden said. 'We are particularly happy that cash costs for the half are at the lower end of guidance.'
'Our strong cashflows are enabling us to invest in further increases in production capacity, which will see output double to 12Mtpa by June 2013, targeting 15Mtpa in 2015 and 46Mtpa by 20172.'
Atlas expects cash costs for FY2012 to remain within guidance of $43 to $45 per tonne and remains on target to ship approximately 5.5 to 5.7Mt (wet) for FY2012.
The Company's current policy is to pay dividends at year end. For production and other operational details relating to the period under review, Atlas refers readers to its December 2011 Quarterly report dated 25 January 2012.
For the Full Half Year Report, Please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AGO-579694.pdf
About Atlas Iron Limited:
Atlas Iron Limited (ASX:AGO) is mining and exporting from its 100%-owned Pardoo and Wodgina Iron Ore projects, located 75 kilometres and 110km by road from Port Hedland in the Pilbara region of Western Australia. In the 2009/10 financial year Atlas shipped over 1.2 million tonnes of Pardoo Direct Shipping Ore (DSO). Atlas is expanding its production from its Wodgina and Pardoo DSO mines following the commissioning of the Utah Point port facility and is targeting exports at an annualised rate of 6 million tonnes by the end of 2010. When combined with additional export tonnages from its Abydos & Mt Webber DSO Projects, the Company is targeting exports at an annualised rate of 12 million tonnes during 2012.
Source:
Atlas Iron Limited
Contact:
Atlas Iron Limited
T: +61-8-9476-7900
F: +61-8-9476-7988
WWW: www.atlasiron.com.au