Farewell to an Aussie battler

THE takeover of Atlas Iron by Mineral Resources marks the end of the line for a company that rode the highest highs of the metals supercycle – and almost didn’t survive the lows.

Farewell to an Aussie battler Farewell to an Aussie battler Farewell to an Aussie battler Farewell to an Aussie battler Farewell to an Aussie battler

David Flanagan on the ground in the Pilbara

Atlas - initially a gold explorer -listed on the ASX in late 2004 under the leadership of young geologist David Flanagan, a former exploration manager at Gindalbie.

The company listed with just 24.5 million shares on issue after raising A$4.5 million in a 20c initial public offering.

The company had four Pilbara projects, with a focus on gold, but one of the company's first moves within a month of listing was to commission a review of its Pardoo project, which was considered prospective for iron ore.

The review confirmed the potential and by May of that year, rock chipping had returned grades of more than 61% iron.

A successful drilling program followed and Atlas expanded the project in September 2005, and in October, raised $6 million to advance its n...