Atlas Iron cuts two senior executive jobs and saves $1 million

Iron ore. Image: Atlas Iron.

Atlas Iron, fighting to cut costs to meet falling prices for iron ore, says it will save $1 million from a series of executive changes.

Ken Brinsden has moved from executive director to non-executive director and Mark Hancock will resume the position of chief financial officer following the resignation of Brian Lynn for personal reasons.

Hancock will cover both his CFO duties plus those of his previous role as chief commercial officer.

These changes, effectively cutting the number of senior executives to three from five, represent a total annual saving of about $1 million.

Managing director David Flanagan says the iron ore miner is identifying further savings to continue reducing its break-even price.

Atlas announced last week that full cash costs fell to $AU55 per tonne in July from $AU66 in the June Quarter. Atlas’ average sale price for July was $AU57 a tonne.

The miner this month posted a $1.4 billion loss for the 2015 financial year.

The Pilbara miner started mothballing its mines in April because the cost of digging the ore was greater than the price on the global market.

However, it re-started after doing deals with contractors and cutting costs hard. It also raised $A87 million from shareholders to give the company a cushion against price fluctuations.