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13 April 2015
ASX Announcement
Atlas Iron Suspends Production
Qube notes the announcement made by Atlas Iron on Friday 10 April 2015 that, following a transition period expected to take until the end of April, it will suspend operations in response to the low iron ore price.
Qube will continue to work with Atlas Iron during the transition period. This development is
not expected to have a material financial impact on Qube's underlying earnings in the current financial year.
Qube's diversification strategy by customer and product continues to mitigate Qube's risks against such developments. No customer, including Atlas Iron, represents more than 5% of Qube's revenues.
During the financial year to date, Qube handled approximately 16 million tonnes out of the multi-user facility at Utah Point. Atlas Iron volumes represented approximately 64% of this volume and Atlas Iron has fully met its minimum volume requirements under the take or pay arrangements with Qube.
Qube will work with Atlas, existing customers and potential new customers to maximise the use of Utah Point.
For further enquiries, please contact:
Corporate Affairs
Paul White
+61 417 224 920
Investors
Paul Lewis
Chief Financial Officer
+61 2 9080 1903
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PRODUCER |
CODE : AGO.AX |
ISIN : AU000000AGO1 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Atlas Iron is a iron exploration company based in . Atlas Iron holds various exploration projects in Australia. Its main asset in production is PARDOO in Australia, its main assets in development are WODGINA and RIDLEY MAGNETITE PROJECT in Australia and its main exploration properties are ABYDOS, MT WEBBER and MID WEST IRON in Australia. Atlas Iron is listed in Australia and in Germany. Its market capitalisation is AU$ 416.8 millions as of today (US$ 302.7 millions, € 265.6 millions). Its stock quote reached its highest recent level on July 29, 2011 at AU$ 3.96, and its lowest recent point on June 24, 2016 at AU$ 0.01. Atlas Iron has 9 261 129 728 shares outstanding. |