In order to maximise the effectiveness of its restructure, Atlas Iron has appointed David Flanagan to the position of Managing Director, while the current Managing Director, Ken Brinsden, will be the company’s new Executive Director.
Mr Flanagan is actually returning to his old position in the company as he was Atlas‘ founding Managing Director from 2004–2012. In 2012 he was appointed Chairman of the company.
“The extensive changes implemented recently have been highly successful in cutting Atlas’ costs and positioning the Company for a stronger future. But there is no denying that the demands and the workload over recent times have tested us. That will continue in many respects as we ramp up production, continue to bolster our balance sheet and take other measures to ensure that Atlas is as strong as it can possibly be. This means having all hands on deck to get the job done,” said Mr Flanagan in an ASX Announcement.
“Atlas’ recent costs saving initiatives are a game-changer for Atlas,” Mr Brinsden said. “But there is more work to do as we deliver on our strategy to bring our three mines back to full capacity and maximise lump product sales,” said Mr Brinsden.
Atlas’ new Chairman will be former West Australian Attorney General the Hon. Cheryl Edwardes.
“I am honoured to have been invited to take on this position,” Mrs Edwardes said. “Atlas has a strong future with excellent projects and exceptional people. The Company’s renegotiated supplier terms means we are establishing a stable operating platform that is strongly leveraged to any uptick in the iron ore price,” said Mrs Edwardes.
Atlas was forced to suspended all mining operations and trading in its shares in April when iron ore prices dropped below $US50 a tonne, making the company unprofitable.
Two weeks ago, the company announced that it had struck a deal with one of Australia’s major mining contractors, BGC Contracting, that it would enable it to restart full production at its Pilbara mines.