Australian iron ore miner Atlas Iron Limited has announced its financial results for the financial year 2016-17 ended June 30.
According to the results, in the given period Atlas recorded a net profit of A$48 million, compared to a net loss of A$159 million recorded in the previous financial year. Sales revenues of Atlas in the given period increased by 11 percent year on year to A$871 million, while iron ore shipments amounted to 14.4 million mt, down one percent year on year.
The company stated that it is continuing to advance its Corunna Downs iron ore project, located 40 km from its Mt Webber project, by progressing the approvals and optimization processes. In June this year, Atlas announced that it had deferred the development of the Corunna Downs project due to prevailing market conditions and also as approval processes were taking longer than expected.
In the financial year 2017-18, Atlas Iron expects its iron ore shipments to be around 9-10 million mt.