https://www.miningweekly.com

Atlas shares fall 70% as trading resumes

Atlas shares fall 70% as trading resumes

Photo by Bloomberg

27th July 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – The share price of iron-ore miner Atlas Iron tumbled nearly 70% on Monday as the company resumed share trading after more than three months.

Atlas in April suspended share trading shortly before announcing the suspension of its operations in the Pilbara, as the iron-ore price crashed and operations became uneconomical.

By June this year, the miner had restarted production at all three of its Pilbara mines and was now targeting a production rate of between 14-million tonnes and 15-million tonnes a year from the three operations.

Founding MD David Flanagan was also reappointed as MD of the battle-weary company in June, allowing Ken Brinsden to operate as executive director.

Meanwhile, plans to raise some A$180-million in capital also fell short, with Atlas only raising A$86-million from existing shareholders, contractors and new investors.

With the resumption of trading on Monday, Atlas’s shares tumbled from a high of 4c a share, to a low of 3.1c a share.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 
Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Mining Weekly Editor Martin Creamer
Copper shares soar and green hydrogen goes digital
26th April 2024
Magazine cover image
Magazine round up | 26 April 2024
26th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.137 0.179s - 106pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: