KALGOORLIE, Australia, Aug 4 (Reuters) - Atlas Iron Ltd , Australia's fourth-biggest iron ore producer, is open to acquiring more assets to boost production, its managing director said on Wednesday.
'In the last six years we've done 39 acquisitions,' David Flanagan told the Diggers and Dealers mining conference in Western Australia, referring to the company's massive build-up of prospective ground in the Pilbara iron belt.
'I think it's safe to say we're going to be doing more. If something comes along which represents a real win-win opportunity...we will jump (at it).'
Atlas said in March it planned to buy fellow Australian miner Aurox Ltd in an A$143 million ($130 million) scrip offer to secure additional port capacity as it boosts output to meet Chinese demand.
Atlas plans to export 3 million tonnes of ore to Chinese steel mills in 2010, rising to 12 million tonnes by 2012. The figure compares with much bigger production rates of Australia's top three iron ore producers Rio Tinto, BHP Billiton and Fortescue Metals Group which next year expect to produce a total of 400 million tonnes.
'At our Pilbara tenements, we've got resources of 160, 170 million tonnes. We think that that can grow (and) it could be another 80-90 million tonnes in that part of the world.'
Pilbara in Western Australia is the world's single largest known deposit of iron ore.
($1 = 0.9113 Australian dollar)
(Reporting by Manolo Serapio Jr.; Editing by Muralikumar Anantharaman)
((manolo.serapio@thomsonreuters.com; +65 6870 3884; Reuters Messaging: manolo.serapio.reuters.com@reuters.net)) Keywords: ATLASIRON AUSTRALIA/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'In the last six years we've done 39 acquisitions,' David Flanagan told the Diggers and Dealers mining conference in Western Australia, referring to the company's massive build-up of prospective ground in the Pilbara iron belt.
'I think it's safe to say we're going to be doing more. If something comes along which represents a real win-win opportunity...we will jump (at it).'
Atlas said in March it planned to buy fellow Australian miner Aurox Ltd in an A$143 million ($130 million) scrip offer to secure additional port capacity as it boosts output to meet Chinese demand.
Atlas plans to export 3 million tonnes of ore to Chinese steel mills in 2010, rising to 12 million tonnes by 2012. The figure compares with much bigger production rates of Australia's top three iron ore producers Rio Tinto, BHP Billiton and Fortescue Metals Group which next year expect to produce a total of 400 million tonnes.
'At our Pilbara tenements, we've got resources of 160, 170 million tonnes. We think that that can grow (and) it could be another 80-90 million tonnes in that part of the world.'
Pilbara in Western Australia is the world's single largest known deposit of iron ore.
($1 = 0.9113 Australian dollar)
(Reporting by Manolo Serapio Jr.; Editing by Muralikumar Anantharaman)
((manolo.serapio@thomsonreuters.com; +65 6870 3884; Reuters Messaging: manolo.serapio.reuters.com@reuters.net)) Keywords: ATLASIRON AUSTRALIA/ (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.