Atlas expects iron ore prices to stabilise
- Publishing Date
- 25 Oct 2011 5:41pm GMT
- Author
- Mining Journal
Atlas Iron Ltd says iron-ore prices are expected to stabilise shortly as they near the marginal cost of production in China.
Prices have fallen by as much as a fifth in the past month on concerns over Europe's economic situation and reduced Chinese steel demand.
A total of 1.465Mt (WMT) of iron ore was shipped in the three-month period, with the company achieving an average price of US$152/t (DMT) cost and freight (CFR).
Shipments are expected to continue at a rate of approximately 1.5Mt in the current quarter. Unaudited notional cash operating costs, free-on-board (FOB) but excluding royalties remain consistent with guidance of A$42-45/t for the 2012 financial year to end-June.
During the September-quarter, the company announced its maiden annual profit and also paid its first dividend.
Following the A$26.6 million (US$26 million) dividend payment the company had cash on hand of A$390 million on October 21.
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