The West

Workers battle the blaze at the Windimurra plant earlier this month.
Workers battle the blaze at the Windimurra plant earlier this month.

Cash-strapped Atlantic has received some rare good news with its insurer accepting liability under the company's insurance policy covering damage caused by a fire earlier this month at the Windimurra vanadium project.

Atlantic said it was working with its insurers regarding the commencement of progressive payments under its comprehensive material damage and business interruption policy.

Atlantic shares have been in suspension since a fire ripped through the beneficiation plant at Windimurra near Mt Magnet on February 4.

The company has indicated the plant may need to be rebuilt completely, which could take more than nine months.

On Wednesday, the company's major creditors threw the stricken vanadium miner another lifeline, offering a new $32.6 million debt facility to tide it over.

Atlantic boss Michael Minosora admitted this week that the company, under increased financial pressure in the wake of the fire, had failed to make its payroll run.

Atlantic shares last changed hands for 17.5 cents.

The West Australian

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