atlas eyes $60m as spot iron ore price soars

ATLAS Iron is set to raise $60 million to fast-track production plans to cash-in on the rising iron ore price.

The Pilbara miner placed its shares in a trading halt today, pending an announcement regarding a capital raising.

It is understood the Perth-based miner wants to significantly increase its annual iron ore target of 6 million tonnes.

The spot price of iron ore price is rapidly rising and now sits around $US190 a tonne. Plus, the major producers have all moved to change annual contracts to short-term agreements, linked to index-based prices related to the spot price.

Atlas is set to ramp up output at its flagship Pardoo project and fast-track plans to bring its Wodgina mine into production.