re: Ann: Atlas Iron December 2010 Quarterly A... Summary from Business Spectator - http://www.businessspectator.com.au/bs.nsf/Article/Atlas-Iron-says-cashflows-strongest-ever-DHCH6?OpenDocument&src=eaih&ir=3
AAP
Atlas Iron Ltd says it's on track to double its export rate by the end of 2012 and is currently generating its strongest ever cashflows, with spot prices fetching more than $US150 per wet tonne.
Atlas shipped 1.42 million tonnes (Mt) in the December quarter, shy of its targeted 1.5 Mt per quarter or 6Mtpa annual rate, due to the closure of Port Hedland port in Western Australia late in December due to a cyclone.
"Barring any significant impact from further weather events, the company expects to continue to export at 500kt (500,000 tonnes) per month (6Mtpa)," Atlas said in a statement on Thursday.
"The company is generating its largest cash flows since commencing operations in 2008, while also on track to meet its target of exporting at a rate of 12Mtpa by the end of 2012."
Atlas said iron ore prices increased more than 50 per cent over the December quarter and were expected to strengthen in the March quarter.
"Four spot cargoes have been sold for delivery in January and February 2011 with the sale price for each above $US150/WMT (wet metric tonne)," the miner said.
Atlas has for some time been trying to sell its Ridley magnetite iron ore project, with its key focus being hematite iron ore, and on Thursday said talks continued.
"Negotiations on Ridley investment opportunity continued over the quarter, with due diligence work commenced by a new party and continued work with existing parties," it said.
"Alternative development strategies are being investigated simultaneously as a means of realising value for Atlas shareholders in an appropriate time frame."
Atlas advised last quarter that it had been approached by parties seeking to participate in the development of its recently acquired Balla Balla project.
"Preliminary discussions are underway to determine an appropriate commercial framework," Atlas said on Thursday.
"Due diligence has been undertaken during the quarter and the process is moving forward."
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