Atlas Iron extends trading halt

Atlas Iron wants to extend its trading halt for a further three weeks as it continues a company-wide operational and financial review.

The move comes after Atlas announced it would close all its mining operations, cutting 600 jobs.

The company said it will suspend mining over the month of April, with exports to cease a short time later.

The move comes in light of the iron ore price dive which has seen the commodity lose 30 per cent of its value since the start of the year to trade at 10-year lows.

Atlas Iron’s break-even price is $US60 a tonne, well above the current spot price of $US47 a tonne.

All Atlas’ projects will be put on care and maintenance, pending future iron ore market conditions.

In today’s ASX announcement, the company said it was in talks with creditors, contractors, and a range of other parties as part of its continuing operational and financial review.

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