2 articles df in china

cnbusinessnews.com/atlas-iron-seeks

Ltd, the fourth largest Australian iron ore producer, said it has been seeking Chinese investors, 21st Century Business Herald reported Thursday.

Atlas Chairman David Flanagan told the newspaper that the company has first-level magnetic iron mining resources and is looking for partners to increase its annual capacity to 65 million tons.

Atlas Iron Ltd said it held talks with Chinese groups to sell a stake in its A$2.7 billion ($2.9 billion) Ridley mine in Western Australia�s Pilbara region, Bloomberg reported Thursday.

Flanagan said company executives are talking with steelmakers, transportation companies, infrastructure constructors, port companies and financing companies.

He declined to reveal the names of its potential Chinese partners.




Atlas Iron Expects Partnership with Chinese Firms Apr 28, 2011
SHANGHAI, April 28, SinoCast -- Atlas Iron Limited, the fourth biggest iron ore producer in Australia, plans to expand output capacity from current 6 million tons to 65 million tons in the future, according to chairman David Flanagan.


Atlas Iron Limited, established in 2004, made fat profits in China in the past years due to strong demands in the country.

Atlas' hematite transportation costs to ports are merely USD 40 to USD 42 per ton, but iron ore price at Chinese ports stands at more than USD 180 a ton. The Australian mining company is set to raise the production capacity to 12 million tons by the end of 2012 and 15 million tons as of 2015.

In addition, the company also has three magnetite mines. Its total output capacity will be able to get at 65 million tons if they are explored. However, the bottleneck for the mine exploration is lack of infrastructure, says the chairman, adding that the company expects to explore its iron mines and build infrastructures hand in hand with Chinese companies.