Atlas reduces debt, progresses diversification plans

Iron-ore producer Atlas Iron has repaid a further A$20-million of its debt, as the ASX-listed company continues its strategy of repositioning the business by reducing debt, growing its iron-ore business through the Utah Point and diversifying beyond iron-ore. Atlas reported on Monday that the company's lenders had agreed to ease loan covenants, including reducing the minimum cash balance requirement at the end of each month from A$35-million to A$15-million.