Australian iron ore miner, Atlas Iron’s sales volume rose by 15pc in FY2020, ending June 30, 2020 to 9.1mn mt compared to 7.9mn mt in FY2019.
In its annual review, the company said that it derived its current production from the Mt Webber mine in Western Australia as its only operational mine, near Port Hedland. However, it has received the necessary permits for its Corruna Downs mine in Pilbara, where construction has crossed the 80pc completion point. The mine holds about 23.3mn mt of iron deposits, with an operating life of six years. Atlas is also developing the 8mn mt Miralga Creek iron ore mine in the same region. At present, The company also employs 48pc of mining industry workforce in the Western Australia region.
Its revenue in FY2020 rose by 46pc to A$1bn ($730mn) compared to A$703mn in FY2019. The firm’s net profit was also up by 168pc to A$381mn in FY2020 from A$142mn in FY2019, by effective COVID-19 management.
A$1 = $0.73