Atlantic Limited Plans Maiden Iron Ore Shipment from Western Australia

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Researched by Industrial Info Resources (Perth, Australia)--Atlantic Limited's (ASX:ATL) wholly owned subsidiary, Midwest Vanadium Pty Limited (Perth, Australia), has announced that it has reached a milestone with its maiden shipment of iron ore fines. The shipment will be from the company's processing plant in the resource-rich state of Western Australia, where the project is located near Windimurra, which is about 600 kilometres north of the Western Australian capital of Perth.

The shipment is part of an agreement that Midwest Vanadium has with an unnamed international client based in China to deliver 30,000 wet metric tonnes of hematite iron ore. The shipment is being readied for departure from the Geraldton Port in Western Australia by mid-July.

Following the maiden shipment, the company plans to continue shipping ore, based on the favourable commodity prices. These shipments will be from the company's 1.8 million-tonne circa 52% Fe Hematite stockpile. The stockpiled iron ore is a by-product of the overall project of Vanadium mining and production.

The shipment of saleable iron ore by-product is a major opportunity for the company to create a cash flow while it concentrates on the Vanadium project, which is projected to have one of the biggest vanadium reserves in the world.

A maiden shipment of iron ore from the state of Western Australia is the second of its kind in as little as seven months. In January of this year, Karara Mining Limited also announced its maiden shipment of iron from stage I of its 8 million-tonne-per-annum processing plant. Karara Mining is a 50:50 joint venture between Ansteel, one of China's biggest steel producers, and Gindalbie Metals Limited (ASX:GBG).

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