Atlas completes financing package PDF Print E-mail
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Monday, 10 December 2012 15:02

Iron ore miner Atlas Iron says it has completed a $US275 million ($263.50 million) financing package to put it on track to produce 12 million tonnes per annum by December 2013.

 

 

The iron ore miner said it had also put in place an undrawn $50 million three year "covenant lite" revolving facility which contained no earnings-based maintenance covenants.

"The completion of the financing package delivers the company sufficient funds to complete the development of the Mt Dove, Abydos and Mt Webber mines and the Yard Two expansion works at Utah Point at Port Hedland," Atlas said in a statement.

Atlas said it continued to adopt a conservative approach to its capital management through modest debt levels in conjunction with incremental, staged project execution.

 

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