Australian iron ore miner Atlas Iron has announced that it is set to record increased production, lower costs and significantly reduced capital expenditure in the financial year 2014-15 ending June 30, 2015.

Atlas is on track to produce 12.2-12.8 million mt in the financial year 2014-15, representing a 12-17 percent increase compared to the previous financial year. The company said that cost savings are expected to be generated through ramp up to full production of 6 million mt per year at Mt Webber, existing cost and productivity initiatives, and business process optimization.

As SteelOrbis previously reported, in the financial year 2013-14 ended June 30, Atlas Iron shipped 10.9 million mt of iron ore, exceeding the full year shipment guidance of 10.2-10.7 million mt.