Atlas Iron says it has lifted its Pilbara ore reserves by 21 per cent to 499mt, boosting its near term development projects and supporting its long term growth strategy.
The increase includes a 25 per cent rose at Abydos, a 21 per cent increase at Mt Dove and a 98 per cent jump at McPhee Creek.
Atlas said the ore reserve update was inclusive of mining depletion at Pardoo and Wodgina.
Atlas managing director Ken Brinsden said the substantial reserve growth, particularly at McPhee Creek, was the result of Atlas continued reinvestment in the company through the extensive drilling programs, engineering and ongoing feasibility works conducted over the past 18 months.
"Atlas is delivering on its strategy of generating strong production increases today while laying the foundations for substantial growth over the longer term," he said.
"We shipped at a record annualised rate of 7mtpa in the December quarter and we are on track to hit 10mtpa by the end of June this year, on the back of the production start-up at Abydos where construction is now well underway."Atlas shares were off 0.3 cents to $1.517 at 10.50am.