Australia-based Atlas Iron said a flurry of new discoveries has increased its total Pilibara ore reservers by 21% over the last six months.
Estimated reserves now stand at 499 million tonnes owing to continued reinvestment in the company via extensive drilling programmes, engineering and ongoing feasibility works, Atlas managing director Ken Brinsden said in a statement.
"Atlas is delivering on its strategy of generating strong production increases today while laying the foundations for substantial growth over the longer term," Brinsden added.
The company saw reserves increase by 98% to 178 million tonnes at its McPhee Creek in the North Pilbara, which has been marked as a key area for future development.
Reserves increased by 25% at Abydos, where construction is underway, and 21% at Mt Dove, where production recently commenced.
Atlas’ Horizon 2 growth programme aims to expand its production capacity from 15 million tonnes per annum to 46 million tonnes per annum.
The growth strategy involves the expansion of the company’s North Pilbara production, development of its South East Pilbara Resources and implementation of port and rail development.
Atlas shipped seven million tonnes of iron ore in the final quarter of last year, and is on track to touch ten million tonnes a year by the end of June 2013.
Image: Iron ore reserves at Atlas’ Abydos deposit increased by 25%. Photo: Atlas Iron Limited.