Atlas Iron welcomes royalty relief announcement

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Image credit: Atlas Iron webpage

The State Government announced last month that it will provide royalty relief in the form of a 50% rebate on eligible haematite iron ore royalties for up to 12 months, subject to the iron ore price remaining below an average of $A90 per tonne over the period.

Image credit: Atlas Iron webpage
Image credit: Atlas Iron webpage

Independent Australian iron ore company Atlas Iron has welcomed the State Government’s decision. Atlas Iron is one of many junior iron ore miners that play a crucial role in the process of monetising assets that would not otherwise typically be mined by the major league iron ore companies.

“Atlas has worked throughout the calendar year to quickly reposition its cost base in light of the changing iron ore market conditions. Measures like this royalty relief package from the Western Australian State Government, together with ongoing innovative thinking from our employees, contractors, and other service providers, are powerful and they demonstrate the strength of the enabling environment available to support Atlas and the junior iron ore sector in Western Australia,” said Atlas Managing Director, Ken Brinsden, in an ASX Announcement.

“The savings that may stem from this proposed initiative would help to ensure Atlas remains competitive during this iron ore price downturn and can therefore continue to create jobs and generate royalty revenue for the Government for many years to come.”

Adertisement