Atlas returns to profit

ATLAS Iron’s remarkable turnaround continues, with the junior producer announcing a return to profitability.

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The half-year statutory profit after tax of $A18.9 million compares to a loss of $114.3 million for the same period of 2015.

Underlying earnings before interest, tax, depreciation and amortisation more than tripled to $66.5 million.

The company exported 8.1 million tonnes of iron ore at full cash costs of $52.30 per wet metric tonne, compared with 6.9Mt at $55.75/wmt in the previous corresponding period.

The average received price was $66/wmt, up from $59.07/wmt.

Atlas managing director Cliff Lawrenson said the strong result marked a turning point for Atlas on several levels.

“Importantly, we increased production and reduced costs, enabling us to t...

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