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Atlas Iron hits FY shipment guidance

AAP logoAAP 26/07/2016

Junior miner Atlas Iron has hit its full-year shipment guidance despite facing the threat of administration earlier in the fiscal year.

The company on Wednesday said it shipped 14.5 million tonnes of iron ore for the year ending June 30, within its 14-15 million tonnes guidance range It also said its full cash costs had dropped to $52.60 per tonne, below the $55-$58 guidance range.

Atlas secured relief from its debt woes in April after shareholders approved a debt-to-equity swap deal, allowing the company to stave off voluntary administration. It replaced its chairman in June, with turnaround specialist Eugene Davis appointed to the position.

On Wednesday, the company also said board member Daniel Harris will be interim chief executive, replacing MD David Flanagan who retires in August.

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