Australia to propose tax incentives for critical minerals
The proposed law will set up a tax incentive worth 10% of relevant processing and refining costs for 31 critical minerals.
Western Austalia’s Atlas Iron Limited (ASX:AGO) increased shipments by 25% in the second quarter and is well on its way to doubling production by the end of 2013.
According to the company’s quarterly report, Atlas shipped 1.5 million tonnes in the second quarter ending in June, representing a quarter-on-quarter rise of 25%.
Atlas’s Managing Director Ken Brinsden said that the result was outstanding given the negative impact of the failure of the Utah Point ship loader, adverse weather condition earlier this year, and industry cost pressures.
The company also announced a 70% gain in its Pilbara Ore Reserve tonnes following the completion of its acquisition of FerrAus at the end of last year.
Brinsden expects Atlas’s production to double by the end of next year to hit12Mtpa, and the Pilbara Ore Reserve increase to underpin a longer-term production target of 46Mtpa by 2017.
