It would be unwise to buy back shares at this time. Yes, they have a crap load of shares but the iron ore price on recently has spiked to a level where they are profitable (only been a few months). Plus there are still concerns the iron ore price may tank again next year.
Atlas is making as much money as they can, paying of debt and making sure they have a little up their sleeve incase things get tough again.
Perhaps when there is a prolonged period of profitable months (and their coffers are overflowing) and they can say they are out of the woods, they would consider either a consolidation or share buy back.
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