Atlas Iron cuts 80 jobs

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Atlas Iron has cut 80 jobs in the Pilbara in order to stay afloat amid weak iron ore prices.

Managing director Ken Brinsden said challenging market conditions made the job cuts inevitable.

"It's imperative Atlas maintains a competitive cost base in light of current market conditions," Brinsden said.

Atlas employs around 800 people meaning the decision will see it lose 10 per cent of its workforce.

"We regret to see many good people leave our business. However these changes are necessary and will help ensure our longer-term sustainability,” Brinsden said.

The move comes just days after the company reduced the number of members on its board and implemented a 15 per cent pay cut for the remaining bosses.

Atlas Iron operates Pardoo, Wodinga, Mt Dove and Abydos iron mines in the Pilbara.

The company said its cost reduction program targeted $65-$90 million in annualised savings by June 2015.

In October, Atlas revealed its all-in cash costs had come down from $75 per wet metric tonne (wmt) to $68.90 wmt.

Recent price drops in iron ore could mean the miner is operating at unprofitable levels.