Atlas' Horizon 1 development plans and the options for further growth through it's Horizon 2 assets remain unchanged.
"Atlas was able to capitalise on the strength of its share price over time to acquire what are highly strategic assets, which are expected to play a key role in its growth over coming years," Atlas Managing Director Ken Brinsden said. "The Company believes that this impairment charge will position the Atlas balance sheet favourably to withstand any future iron ore price volatility."
"Atlas has started four mines in four years with more growth to come. The Company is well positioned financially with $423 million cash on hand as at 31 December 2012 and undrawn financing facilities of $50 million to complete its Horizon 1 development objectives. We are now expanding into a more robust iron ore price environment and therefore expect to be generating substantial growing cashflows as we execute on our Horizon 1 and 2 strategy," Mr Brinsden added.
View the Atlas Iron announcement at the link below:
About Atlas Iron Limited
Atlas Iron Limited (ASX:AGO) is an independent Australian iron ore company, mining and exporting Direct Shipping Ore (DSO) from its operations in the Northern Pilbara region of Western Australia. Since listing on the ASX in late 2004, Atlas has grown rapidly and is now a member of the ASX100 index.
Atlas Iron Limited