Yep it was a great annoucement from Atlas, for both Atlas and Altura shareholders.
Mt Webber is part of both phase 1 and phase 2 of developement. It is the only pit that is part of both phases.
The writing is on the wall. I have been a holder of Atlas for about 3 years now and the only fault I can make of management is that they haven't divested their interest in their Ridley Magnitite resource, and that is not a big blot on the radar. That aside, Atlas has proven that they can turn deposits into mines at low capital outlay. Today annoucing a maiden dividend even!
Mt Webber will be up and running in 12 months because Atlas are involved. Altura was smart to get them on board with Mt Webber.... and would do well to assist Atlas where-ever possible executing the Atlas production ramp up.
I wouldn't be surpised if Atlas decide to make another one of their 'aquisition' proposals to Altura shareholders once the Ferrus deal is done....
Having been a long term holder of Atlas I wouldn't say no.
Executed my options yesterday and this is a definite short-term buy for me.
AJM Price at posting:
16.0¢ Sentiment: ST Buy Disclosure: Held
