Australian iron ore miner Atlas Iron Limited has announced its financial results for the first half ended on December 31 of the financial year 2014-15.
According to the results, in the given period Atlas recorded a net loss of A$1 billion, compared to a net profit of A$73.6 million in the previous financial year. Sales revenues of Atlas in the first half decreased by 23 percent year on year to A$451 million, as a result of a 45.2 percent reduction in the average iron ore price, partly offset by an increase in shipment volumes amounting to 6.9 million mt, up 35 percent year on year.
Atlas Iron said that it continues to substantially reduce its production costs. All-in cash costs are now forecast to be A$60-63/wet mt in the six months to June 30, 2015 compared with A$67.29/wet mt in the first half of this financial year. Atlas aims to be at the lower end of this revised range by June 2015. All-in cash costs for the month of January this year stand at A$60.80/ wet mt CFR.