RPT-UPDATE 1-Australia's Atlas to suspend mining due to low iron ore price

domingo 12 de abril de 2015 18:14 GYT
 

(Repeats story first published late on Friday; no change to text)

* Atlas Iron to suspend all mining this month

* Blames low iron ore price

* Says extensive cost cutting not enough

* More Australia miners under threat as supply glut swells

By James Regan

SYDNEY, April 10 (Reuters) - Australia's Atlas Iron Ltd said on Friday it will progressively suspend mining this month due to low iron ore prices, the latest casualty in a strategy by larger producers to flood the sea-traded market into China.

Atlas, which is scheduled to ship the majority of its projected 13 million tonnes of iron ore this year to China, said exports will cease shortly after mining is halted.

"Despite an extensive cost-cutting program... the global supply-demand imbalance for iron ore has driven prices down to the point where it is no longer viable for Atlas to continue production," Atlas Managing Director Ken Brinsden said in a statement.   Continuación...