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.
atlas eyes $60m as spot iron ore price soars
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