Atlas Iron chairman Eugene Davis has released a statement to shareholders regarding the proposed $280 million scheme of arrangement announced last week with Mineral Resources.
Mineral Resources (MinRes) has secured a deal to acquire iron ore company Atlas Iron through a scheme of arrangement that values the target at around $280 million.
Atlas Iron has made a lithium deal with Pilbara Minerals as part of the iron major’s diversification strategy.
BGC Contracting is to expand the presence of NPJV in the Pilbara by delivering the company’s contract mining and development workers to Atlas Iron’s Mt Webber mine.
Iron ore prices exploded overnight, increasing by more than 5 per cent. In the largest one-day gain for the commodity in more than four months, iron ore finished trading at $US59.70 a tonne – or 5.2 per cent higher.
Atlas Iron is halting development of its $53 million Corunna Downs project in the Pilbara region due to the recent fall in iron ore prices.
Atlas Iron has entered agreements with Pilbara Minerals over two lithium projects in Western Australia’s Pilbara region.
Atlas Iron has approved the development of the Corunna Downs iron ore project in the Pilbara region of Western Australia.
Experienced resources executive Cliff Lawrenson will take over as managing director and chief executive officer of Atlas Iron in February 2017.
Atlas Iron’s founding managing director David Flanagan has resigned following the company’s return to financial stability.
More companies are continuing to join the lithium exploration race, with newcomer Poseidon Nickel’s shares reaching nearly 26 per cent and Atlas Iron gaining 13 per cent
Glencore is stepping into iron ore in Australia, after buying a stake in Atlas Iron.
Plans to sell the Utah Point shipping terminal at Port Hedland could result in higher fees and put smaller operators at risk, according to Atlas Iron managing director David Flanagan.
Atlas Iron is set to save itself $1 million per year by reducing the number of senior executives from five to three.
Atlas Iron has posted a $1.4 billion full-year loss, blaming the falling price of iron ore.
Atlas Iron has purchased three iron ore tenements near its Abydos and Mt Webber iron ore operations.
Atlas Iron shares fell by more than 70 per cent yesterday after the company resumed trading for the first time in three months.
Atlas Iron has fallen short of its $180 million target, raising just $86 million in capital funding.
Embattled iron ore miner Atlas Iron recommenced mining at their Mount Webber mine this week.
Atlas Iron has accepted the Western Australian Government’s offer of iron ore royalty relief.