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.
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.
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.
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.