AGO 0.00% 4.5¢ atlas iron limited

News: Atlas Iron reports savings in capital expenditure

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    Atlas Iron Limited (ASX:AGO) says its cost improvement programme has reduced capital expenditure for the 2015 financial year by $31 million. 
     
    All in cash costs dipped to $68.90 per tonne in the September quarter, down from $75 per tonne in the June quarter. Savings over the year are now expected in the range of $65 - $90 million per year, up from $50 million to $80 million. Forecast capital expenditure is now $94 million, down from $125 million. 
     
    Atlas Iron Managing Director Ken Brinsden says, ‘This lower cost base presents a strong platform for our existing Pilbara production in testing markets and will deliver increased margins when iron ore markets improve. 
     
    Atlas Iron produced a net profit of $14.3 million for the half year ended 30 June 2014. 
 
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Currently unlisted public company.

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