THE BOURSE WHISPERER: Atlas Iron (ASX: AGO) has commenced production at the company’s third Pilbara iron ore mine, Mt Dove, located 65km south of Port Hedland in Western Australia.
Atlas considers the commencement of production at Mt Dove to be a major steppingstone towards achieving the company’s near-term Horizon 1 production target of 12 million tonnes per annum.
Crushing and screening at the Mt Dove mine. Source: Company announcement
“Atlas has a proven track record in Pilbara mine development having now brought three mines into production within four years,” Atlas Iron managing director Ken Brinsden said in the company’s announcement to the Australian Securities Exchange.
“The company is on target to bring five mines into production in five years with the addition of the Abydos Mine in June 2013, and the first phase of the Mt Webber Mine – subject to Board approval – in December 2013.”
With the commencement of production and haulage at Mt Dove, Atlas remains on track to export between 7.2 million tonnes and 7.7 million tonnes of iron ore in the 2013 financial year.
Disclaimer: The Resources Roadhouse owns Atlas Iron shares