Atlas Iron $256m Loss 1H2013

Iron Ore Mining company Atlas Iron (ASX:AGO)has announced its first half year results for 2013 to its shareholders and investors on the Australian stock market.

• Atlas Iron posted a full year Net Loss of $256 million, down from a $6.08 million profit in 2011.
• The financial loss includes $455 million in impairment charges on Atlas' undeveloped Horizon 1 and 2 project areas and other tenements.
• Altlas Iron Managing director Ken Brinsden said, "A lot of investment decisions will come to fruition as a result of political change. Our cost base puts us roughly mid-range in terms of cash costs delivered into China, the 50th percentile of 100 per cent of tonnes available to the Chinese market."
• Atlas iron production is currently at 8 million tonnes per annum and is on track to increase production to 10 million tonnes per annum by July 2013.
• Atlas Iron will pay a final dividend of 3 cents per share but no interim dividend. Company policy dictates that final dividends only be paid, no interim.
• Perth based Atlas Iron is primarily involved exploration, development and mining of iron ore. Atlas operates Pardoo and Wodgina iron ore mines and the development of the mines at Abydos, Mt Dove and Mt Webber in the Pilbara region in Western Australia.