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Atlas adds to its Pilbara reserves

5th February 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) - Iron-ore miner Atlas Iron has increased its total Pilbara iron reserve by some 21%, to 499-million tons, further strengthening its existing operations, and the near-term development projects.

Atlas on Tuesday said that the upgraded reserve included a 21% increase to the Mount Dove reserve, where production recently started, and a 25% increase to the Abydos reserve, where construction was under way.

The increase also included a 98% increase in the McPhee Creek reserve.

MD Ken Brinsden said in a statement that the substantial reserve growth, particularly at McPhee Creek, which formed part of the miner’s Horizon 2 growth plans, was the result of continued reinvestment by the company, and ongoing feasibility work conducted over the past 18 months.

“Atlas is delivering on its strategy of generating strong production increases today, while laying the foundations for substantial growth over the longer term,” Brinsden said.

He noted that the company had shipped at a record rate of seven-million tons a year by the December quarter, and was on track to hit its ten-million-ton-a-year mark by the end of June this year.

“At the same time, we are growing the ore reserve to underpin our Horizon 2 growth options,” Brinsden added.

Edited by Creamer Media Reporter

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