Atlas Iron Limited (ASX: AGO)
ASX RELEASE 8 December 08
ATLAS SIGNS NATIVE TITLE MINING AGREEMENT FOR ABYDOS
Atlas Iron Limited (ASX Code: AGO) is pleased to announce that it has today signed a native title mining agreement with the Njamal people with respect to its Abydos Iron Ore Project located 120 kilometres south of Port Hedland in the Pilbara of Western Australia.
This agreement sets a new improved standard of engagement and opportunity for indigenous enterprise. The agreement is designed to facilitate and fast track mine development and combines strong protection of Njamal country with good community communication and on-going partnering throughout the operations.
The agreement sets up systems for Njamal People and Atlas to develop joint business initiatives. As an alternative to a signature payment, Atlas has agreed to help fund a Njamal business enterprise that will provide further commercial opportunities.
The agreement also establishes an innovative heritage framework under which Atlas can accelerate the heritage survey process through appropriate consultation, thereby accessing its exploration and mining areas faster, while at the same time recognising the importance to Njamal People of their cultural sites.
Njamal Traditional Owner Rodney Monaghan said that the Njamal community was happy that the agreement managed to balance the protection of their country and culture with commercial realities and opportunities.
?This agreement recognises the importance of our culture and country, but still shows that Njamal people are serious and fair with their commercial negotiations,? said Mr Monaghan.
David Flanagan, Managing Director of Atlas Iron said, ?Both the Njamal People and Pilbara Native Title Service showed a willingness to enter into a mutually beneficial arrangement and that is what this agreement is. It is great for all parties and we are sure it is going to work in the long term.
?This agreement is also a major step forward for Atlas as we deliver the greater Abydos Iron Ore projects in conjunction with and in partnership with the Njamal People.? he added
Simon Hawkins, Chief Executive Officer, Pilbara Native Title Service, said that the agreement was negotiated in three meetings over a six week period.
?Atlas? excellent long-term relationship with the Njamal people and the Pilbara Native Title Service helped facilitate engagement on key aspects of this agreement quickly. Atlas came to the negotiating table respecting for the Njamal people?s rights to culture and country. Atlas? willingness to make a good offer and its commitment to following the correct process insured that a well considered agreement was finalised very quickly.?
Background Atlas Iron Limited
Atlas is fully funded with approximately $100 million in cash at hand and zero debt as it starts exporting iron ore from its the Pardoo DSO Project. Atlas is planning to export 1 million tonnes during its first 12 months of operations of the Pardoo DSO Project growing to 3 Mtpa within 12 months. Together with additional export tonnages from its Abydos DSO Project, Atlas is targeting exports of 6 Mtpa by 2010, growing to 12 Mtpa by 2012.
For further information please contact
David Flanagan, Managing Director, Tel: (08) 9476 7900
Garry Plowright, Land Access and Approvals Manager, Tel (08) 9476 7900
READ CORPORATE
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