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From Mining News:

Atlas signs port deal
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Friday, November 16, 2007
Kate Haycock

IRON ore hopeful Atlas Iron has released the details of its arrangement with the Port Hedland Port authority over the new public access berth planned for Utah Point.

The company has signed a Facility Agreement with the Port Hedland Port Authority for the public access facility, and will pay around $15 million in port facilities charges which will be recouped, along with interest, from future tonnes shipped from the berth.

The payment from Atlas, and other foundation users of the public berth, is a major part of funding for the project. Some $105 million will come from the foundation users including Atlas, BHP Billiton, Consolidated Minerals and Aurox Resources.

Another $120 million will be supplied by the State Government and will be recouped in use fees over the next decade.

The new public user berth will have an annual capacity of more than 15 million tonnes per annum and will be operational by mid-2009.

Atlas has a five-year deal with a three-year option with the Port Hedland Port Authority to export 3Mtpa for the term of the deal, and the Port Authority will provide the facility, berth and stockpile handling area.

Under the deal Atlas is relieved of facility changes until, on the basis of tonnes shipped, the company has accumulated charges that equal the original $15 million payment plus interest.

The new public access berth will free-up the three other public berths at Port Hedland.

Shares in Atlas, which plans to begin exporting 1Mtpa direct shipping ore from its Pardoo project in October next year and hopes to ramp that up to 6Mtpa by 2012, were last trading at $2.40, up 4c this morning