Atlas Iron makes two new hematite iron ore discoveries
October 10th, 2008 | by mantrionline |It is reported that iron ore producer Atlas Iron Limited has made two new hematite discoveries at its wholly owned Pardoo project. Atlas said that the deposits were at or near surface. They required further drilling to define their extent.
It added that “A very low phosphorous levels within the targets, which bodes well for future blending opportunities to reduce the contaminants within the Pardoo products”.
Atlas received final environmental approval for the Pardoo project on October 4th 2008 and is expected to start mining as early as possible. Exports are to follow later this month, beginning at a rate of one million tonnes per annum.
Atlas hopes to export 6 million tonnes per annum by 2010 and 12 million tonnes per annum by 2012 by including additional export tonnages from its Abydos project, also in the Pilbara. Like Fortescue, Atlas shares have taken a hit during recent market turmoil, dropping from more than USD 4 in late May to an intraday low of USD 1.305 on October 7th 2008.
