Iron ore price weighs on Atlas
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As the iron ore price continues its decline, Atlas Iron has outlined how such falls are weighing on its operations.
During an investor conference, Atlas noted the significant weakening of the commodity price between December and May.
"Due to the provisional price mechanism this downward trend impacts the final price received by Atlas for certain tonnage delivered in the March quarter and reduces prices received in the current quarter," the group said.
However it expects the trend will reverse when iron ore prices trend upwards.
Benchmark iron ore for immediate delivery to the port of Tianjin in China is trading at $US92.10 a tonne, up slightly from $US91.80 in the previous session.
The miner said the reduced pricing levels would allow competitive supply into new markets, notably India, where Atlas achieved its first sale during May for delivery, and Asian and European destinations, where other opportunities are being progressed.
The junior miner said it was targeting the high end of its full-year shipping guidance of between 10.2 million tonnes and 10.7 million tonnes.
It also reaffirmed its fiscal 2014 C1 cash cost estimates in the range of $49 to $52 per tonne.
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