Atlas reports losses in FY18
PERTH (miningweekly.com) – Embattled iron-ore miner Atlas Iron has reported a A$100-million drop in underlying earnings before interest, taxes, depreciation and amortisation (Ebitda) for the 2018 financial year, on the back of lower iron-ore outputs.
Underlying Ebitda for the full year was down from the A$116-million reported in the 2017 financial year, to A$16-million in 2018, while revenue for the 12 months ending June was down from A$871-million to A$547-million.
The miner swung to a loss after tax of A$162.9-million in 2018, down from a A$47.9-million profit in 2017, with full cash costs reported at A$58.98/t, which is marginally above the selling price of A$59.32/t achieved for Atlas’ ore in the same period.
Atlas exported 9.2-million tonnes of iron-ore in the full year, down from the 14.4-million tonnes exported in 2017, as mining ceased at the Wodgina and Abydos operations, after the end of their mine lives.
The ASX-listed Atlas on Wednesday reported a non-cash impairment charge of A$92-million for the group’s assets, which contains the Mt Webber and the Corunna Downs projects.
The miner in June announced that it would cut back production at its Mt Webber operation to about seven-million tonnes a year, from nine-million tonnes a year, and suspend ore processing at Mt Dove in late July.
Atlas is currently the subject of a takeover offer from Hancock Prospecting, which will close at the end of August this year.
To date, Hancock has acquired a 70.23% share in Atlas under its 4.2c a share cash offer.
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