The second of the quarterly production reports out today is from Atlas Iron:
THE ATLAS BUSINESS
Globally competitive costs, costs continuing to fall and targeting lower end of FY15 guidance
Normalised EBITDA^ YTD is approximately breakeven, despite challenging market conditions
North Pilbara mine development now complete
Stable production and shipping volumes, reliable operators
Well established and diverse customer base
Strong leverage to increases in A$ iron ore price
Significant Pilbara port rights and iron ore resource inventory
Opportunities to further improve near-term cash flow – A$, diesel, sea freight, Royalty relief
DEC14 QUARTER HIGHLIGHTS
Shipped 3.8M WMT exceeding guidance, 100% Standard Fines
Cost reduction initiatives and reliable production performance has resulted in all-in cash costs of
A$66/WMT CFR*, down from A$69/WMT in the Sep14 Quarter
Dec month C1 cash cost A$43/WMT FOB, all-in cash cost A$65/WMT CFR*
A$169M cash at 31 Dec, after A$50M outflow for capex/dividend/one-off restructuring costs
Construction at the Mt Webber Stage 2 project reached practical completion
FY15 capital expenditure guidance revised down by $25M to A$69M, $55M already incurred YTD
Breakeven now but not for long.
