PERTH (miningweekly.com) – David Flanagan has been reappointed as MD of battered iron-ore miner Atlas Iron some three years after his appointment as chairperson.

Flanagan was the founding MD of Atlas, and served in that position from 2004 to 2012, when Ken Brinsden was appointed to the role. Flanagan returned in a full-time capacity to Atlas late in 2014, as part of ongoing business improvement initiatives.

Brinsden, who was appointed as chief development officer and COO before his stint as MD, would now be appointed as executive director, while nonexecutive director Cheryl Edwardes would be appointed as chairperson.

Atlas told shareholders on Friday that Flanagan’s appointment as MD would enable him to focus almost exclusively on executing the financial, corporate and administrative aspects of Atlas’s recent restructure.

“The extensive changes implemented recently have been highly successful in cutting Atlas’s costs and positioning the company for a stronger future. But there is no denying that the demands and the workload over recent times have tested us,” Flanagan said on Friday.

“That will continue in many respects as we ramp up production, continue to bolster our balance sheet and take other measures to ensure that Atlas is as strong as it can possible be. That means having all hands on deck to get the job done.”

Meanwhile, Brinsden pointed out that while the company had endured a significant fall in iron-ore prices since the start of his tenure as MD, the company had achieved significant cost reductions.

“Atlas’s recent cost saving initiatives are a game-changer for Atlas. But there is more work to do as we deliver on our strategy to bring our three mines back to full capacity and maximise lump product sales.”

The management change comes just a day after Atlas announced a capital raising of some A$180-million.

A share placement to key contractors was expected to raise up to A$30-million, while a placement to new and existing shareholders was expected to raise a further A$50-million. The miner was also hoping to raise an additional A$100-million through a shareholder participation offer to eligible shareholders.

Atlas recently restarted mining at its Abydos and Wodgina mines, in the Pilbara, and was expected to resume mining at the Mt Webber mine by July this year. The company was targeting a production rate of between 14-million tonnes and 15-million tonnes a year from the three operations.