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ATLAS IRON LIMITED - ASX: AGO
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Description
Atlas is a rapidly growing iron ore miner and explorer in the Pilbara of Western Australia. Atlas commenced the export of iron ore from Pardoo in December 2008, and is on target to grow production at Pardoo to 2.4Mtpa by mid 2010. With targeted production at Wodgina, Abydos and Mt Webber, Atlas is targeting a production rate of 6Mtpa of DSO from late 2010, and 12Mtpa by 2012. Atlas has merged with Warwick Resources, establishing a platform for further production growth from the South East Pilbara.
Atlas is exporting iron ore through the port of Port Hedland and actively exploring for Direct Shipping Ore (DSO) in the Pilbara of Western Australia. With a growing number of high quality iron ore projects and one of the largest exploration landholdings in the Pilbara, the Company has the resources to underpin rapid expansion plans in the North Pilbara over the next three years. In the longer term Atlas is seeking to expand its operations into the Newman area, through the recently completed merger with Warwick Resources Limited.
Atlas is currently completing the development partner identification process for its Ridley Magnetite Project. In 2009 Atlas completed a pre-feasibility study (PFS) into the Ridley Magnetite Project. This PFS assessed the viability of a 48Mtpa mining operation, feeding ore to a concentrator via in-pit crushing and conveyor belts, to produce 15Mtpa of concentrate at a grade of 68.3% Fe. The PFS envisaged delivery of the concentrate via pipeline to an offshore trans-shipping facility. The PFS concluded that the Ridley Magnetite Project would have an establishment cost of A$2,722 million plus $250 million in contingencies, and would operate at an average cost of A$36.22/t concentrate FOB, with a conceptual mine life of over 30 years.
Resources – JORC Code compliant
Atlas’ Direct Shipping Ore iron ore resource inventory is 186.6Mt at 56.6% Fe.
Magnetite Resources - 2.01 billion tonnes @ 36.5% Fe
Exploration Target – JORC Code compliant
430 to 750 million tonnes at between 57 and 60% Fe. This target range is inclusive of the current resource figure quoted above
Reserves
Atlas’ Direct Shipping Ore iron ore resource – 36.8Mt at 57.7% Fe Magnetite Reserves - 970 Mt @ 36.0% Fe
Mine For
iron ore
Location of operation(s)
Pilbara Region, Western Australia
Address
10 Richardson Street
WEST PERTH, WA, AUSTRALIA
Phone
08 9476 7900
Website
Last Updated
02/02/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.