Tag: Atlas Iron

World first WELL Health-Safety Rating for Atlas Iron In a world-first for the mining industry, Atlas Iron’s Sanjiv Ridge iron ore mine site has been awarded the WELL Health-Safety Rating. Atlas is a subsidiary of Gina Rinehart’s Hancock Prospecting and its Sanjiv Ridge mining operation is located 240km from Port Hedland in the Pilbara, northwest WA. Hancock Operations chief executive Gerhard Veldsman says WELL Health-Safety Rating reinforces the company’s commitment to prioritising the health, safety and comfort of its staff. “Championed by our executive chairman Mrs Gina Rinehart AO, and previous Atlas chief executive, now Atlas...

Atlas Iron’s future is looking brighter, having accelerated its debt repayments and exploration programs. Image: Atlas Iron. BY CAMERON DRUMMOND ONCE-BELEAGURED iron ore junior Atlas Iron will pay back a further $20 million of debt on the back of surging iron ore prices. Atlas’ lenders have also agreed to ease loan covenants, including reducing the minimum cash balance requirement at the end of each month from $35m to $15m. Atlas managing director Cliff Lawrenson said the decision to reduce debt was in line with the company’s strategy to re-position the business, and the strong Australian dollar made the timing opportune. “Following this $20m, we will have reduced our debt from more than $180m in June 2016 to less than $85...