Atlas Iron Limited (ASX:AGO) Quarterly Report For The Period Ended 31 December 2009
Atlas Iron is exporting iron ore through the port of Port Hedland and actively exploring for Direct Shipping Ore (DSO) in the Pilbara of Western Australia. With a growing number of high quality iron ore projects and one of the largest exploration landholdings in the Pilbara, the Company has the resources to underpin rapid expansion plans in the North Pilbara over the next three years. In the longer term Atlas is seeking to expand its operations into the Newman area, through the recently completed merger with Warwick Resources Limited.
While exporting iron ore from the Pardoo mine (Atlas' first mine development), Atlas is also active in feasibility assessment, new acquisitions, target generation and grass roots exploration. Ongoing project definition through acquisition, exploration and feasibility studies per annum of Direct Shipping Ore (DSO) by 2012.
As the Company demonstrates its capacity to discover, assess and develop, it is well positioned to advance a number of projects concurrently, with the intention to both expand the Company's production base and extend mine life.
At the end of the December 2009 quarter Atlas Iron Limited had 446,882,786 shares on issue.
The top 20 shareholders hold approximately 60.75% of the issued capital. Since the end of the quarter report the Company has issued 7,500 shares pursuant to the exercise of unlisted options.
As at 31 December 2009, the Company had A$146 million of cash on hand.
Since the last quarterly report the Company has issued 47,217,265 shares. The shares were issued as follows:
- Issue pursuant to the merger with Warwick Resources Limited: 41,744,547 shares.
- Exercise of options: 5,402,500 shares; and
- Issue to settle option agreement: 70,218 shares.
SHAW RIVER RESOURCES LIMITED
At the date of this report Atlas holds a 45.46% interest in Shaw River Resources Limited (Shaw) (ASX:SRR). Shaw holds non iron ore mineral rights over the majority of Atlas' Pilbara tenements. For further details on Shaw River's activities, please refer to Shaw River's Quarterly Reports or its website (http://www.shawriver.com.au).
WARWICK RESOURCES LIMITED
In December 2009 Atlas completed the merger with Warwick Resources Limited (ASX:WRK) (Warwick) by way of Schemes of Arrangement with Warwick's shareholders and option holders. Atlas issued 41,744,547 shares to Warwick shareholders and option holders pursuant to the merger.
Atlas welcomes Warwick shareholders to its register. As a result of the merger, in addition to the targeted 12Mtpa production profile from Atlas' existing North Pilbara DSO projects, Atlas will be targeting additional production of 14Mtpa from Atlas' and Warwick's South East Pilbara projects by 2014. Achieving this targeted DSO production rate of 26Mtpa will also be conditional on project related feasibility studies, environmental permitting, infrastructure access agreements and timely project construction.
For the complete Atlas Iron Quarterly Report for the period ended 31 December 2009, please click the link below:
About Atlas Iron Limited
Atlas Iron Limited (ASX:AGO) is an independent Australian iron ore company, mining and exporting Direct Shipping Ore (DSO) from its operations in the Northern Pilbara region of Western Australia. Since listing on the ASX in late 2004, Atlas has grown rapidly and is now a member of the ASX100 index.
Warwick Resources Limited
Shaw River Manganese Limited
Atlas Iron Limited