Atlas Iron Limited (ASX: AGO) is pleased to report on what has been a solid March Quarter, marked by strong cashflow, a substantial reduction in debt and a commitment to building a new mine.
Atlas Managing Director Cliff Lawrenson said the Company had made significant progress on all fronts. “Atlas has posted a solid production result despite the challenging weather,” Mr Lawrenson said. “Margins were good and free operating cashflow was strong.
“Atlas will pay a further $8 million off its debt later this month as well as set aside A$20m to help fund the Company’s next mine, Corunna Downs.
This is great news! They are getting someone else to pay and mine the lithium and setting aside only $20 million for a mine expansion! Trump will be needing a lot of iron for his U.S expansion and his fence for Mexico. China will be stimulating it's economy as they will be change of guard later in the year. Iron ore is a traded commodity and the price is be volatile. Ago and iron ore are both oversold and we will soon see a turn around.
AGO Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
