No value attributed to NWI: Atlas

ATLAS Iron has responded to major shareholder Fortescue Metals Group over port access.

No value attributed to NWI: Atlas No value attributed to NWI: Atlas No value attributed to NWI: Atlas No value attributed to NWI: Atlas No value attributed to NWI: Atlas

A map showing South West Creek in Port Hedland

Yesterday FMG released a statement in response to a notice from the Western Australian Transport Minister Rita Saffioti two weeks ago.

Saffioti informed Atlas' 66%-owned subsidiary North West Infrastructure (NWI) that it did not have priority right to develop Stanley Point berths 3 and 4 at South West Creek at Port Hedland.

"In common with other Atlas shareholders, Fortescue believes that further clarity is needed on the position of Atlas in relation to these assets and we continue to assess our strategic options regarding out shareholding in Atlas," FMG said yesterday after market close.

Atlas responded by saying it told the market in a 2015 prospectus that the berth allocation at South West Creek was not yet the subject of a firm lease agreement.

The...