The Economic Times daily newspaper is available online now.

    Atlas eyes A$100mln issue to fund iron ore mine

    Synopsis

    Australia's Atlas Iron Ltd said on Tuesday it plans raise A$100 million ($94 million) in a share placement to accelerate growth at its outback iron ore mine.

    SYDNEY: Australia's Atlas Iron Ltd said on Tuesday it plans raise A$100 million ($94 million) in a share placement to accelerate growth at its outback iron ore mine, where it plans to start production in August. Atlas said it would issue 50 million ordinary shares at $2 each to major shareholders and clients of Perth stockbrokers Hartleys Ltd for development of the mine in Australia's Pilbara region. Atlas stock was up 3 percent to A$2.27 in afternoon trading, bucking a modest decline in the index. The company is targeting production of 1 million tonnes of ore a year in its first year of operation, increasing to 3 million tonnes annually by 2010. ($1=A$1.06)


    (You can now subscribe to our Economic Times WhatsApp channel)

    (Catch all the Business News, Breaking News, Budget 2024 Events and Latest News Updates on The Economic Times.)

    Subscribe to The Economic Times Prime and read the ET ePaper online.

    ...more

    (You can now subscribe to our Economic Times WhatsApp channel)

    (Catch all the Business News, Breaking News, Budget 2024 Events and Latest News Updates on The Economic Times.)

    Subscribe to The Economic Times Prime and read the ET ePaper online.

    ...more
    The Economic Times

    Stories you might be interested in