Terrible outcome for 500+ employees (hundreds of families with mortgages and kids) . But decision to suspend production was unavoidable if Atlas is to have a chance of living to fight another day.
The company can't negotiate with any party regarding options (which can take months) if it bleeds $40m every quarter.
I think Atlas decision could mark the turning point (together with China's overt subsidy of Chinese IO producers) of the Rio bhp madness.
As Cliff's CEO says the path of self destruction will soon put Australia out of business.
AGO Price at posting:
12.0¢ Sentiment: None Disclosure: Held
