Atlas Iron News
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Assore Ltd., a South African company that is joint owner of iron-ore and manganese producer Assmang Ltd., gained the most in more than seven months on speculation the stock’s decline was overdone.
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Port Hedland, the world’s biggest bulk export terminal, said iron ore shipping allocations are made on a “use it or lose it” basis.
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Australian companies borrowed a record $6.2 billion from high-yield investors in the U.S. since October as the lure of loans with looser terms offsets higher borrowing costs.
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Australia’s Port Hedland, home to the world’s biggest bulk export terminal, escaped with minor damage from a weakening tropical Cyclone Rusty, which is now moving inland to the Pilbara iron ore mining region.
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A storm off Australia will approach the world’s biggest port for exporting iron ore with a category 4 rating, the second-most-destructive, according to the Bureau of Meteorology.
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Atlas Iron Ltd., already Australia’s fastest-growing iron-ore producer, is also offering potential acquirers space to load vessels at the world’s busiest port for shipping the mineral.
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Atlas Iron Ltd. will meet with lenders on Nov. 14 in New York to discuss a $325 million term loan the company is seeking for general corporate purposes, according to a person with knowledge of the transaction.
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Severe Tropical Cyclone Rusty, bearing down on north-west Australia’s Port Hedland, the world’s biggest bulk export terminal, has gained strength to become a category four storm.
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Atlas Iron Ltd. said it expects iron ore mining at its Wodgina site to start early next month after receiving final government approval. The Perth-based company said it’s on target to ship ore through Utah Point in October and achieve iron ore exports at a combined rate of 6 million tons per annum from its Wodgina and Pardoo mines in Western Australia by December. That rate should grow to a rate of 9 million tons by the end of 2011 following the planned commissioning of the Abydos project, Atlas Iron said in a statement to the Australian stock exchange today.
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Japanese stock futures rose after Toyota Motor Corp. raised its profit forecast to a five-year high and the yen weakened to the lowest level since May 2010, boosting the earnings outlook for exporters. Australian shares gained.
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