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Atlas flags iron ore writedown

Atlas Iron will book a non-cash impairment charge of A$130-160 million (US$100-124 million) on June 30, reflecting the updated carrying value of its assets following a reduction in iron ore price forecasts compared to the first half of the 2014-15 financial year.

The impairment translates to a reduction of about 15% in the carrying value of Atlas’ total assets.