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Atlas delivers positive results from Corunna Downs DFS

Atlas Iron Ltd.'s definitive feasibility study for its Corunna Downs iron ore project in Western Australia estimated initial production of 4 million tonnes per annum of direct shipping ore over an initial mine life of 5 to 6 years.

CapEx, including contingency, is estimated between A$47 million and A$53 million, according to a Dec. 21 release.

The C1 costs are expected to range from A$37 per wet tonne to A$43/wmt, while full cash costs are estimated between A$49/wmt and A$55/wmt.

The company plans on making an investment decision in the March 2017 quarter, and first ore on ship from the project is targeted in the March 2018 quarter.

The study is based on an ore reserve estimate of 21.0 million tonnes at 57.0% iron, part of a total mineral resource of 64.1 million tonnes at 57.2% iron.