Atlas Iron managing director David Flanagan resigns

Tuesday, 28 Jun 2016 15:59:32 | Kathryn Diss

David Flanagan will stay in the role for six months until his replacement is appointed. (ABC TV)

Atlas Iron founder and managing director David Flanagan has resigned from the company after returning to the top job to steer the business through a downturn in iron ore prices.

Mr Flanagan returned to the helm of the company just more than a year ago as it mothballed its Pilbara iron ore operations amid tumbling iron ore prices.

He steered the company through a capital raising and negotiated a unique profit-sharing arrangement with suppliers and contractors, which enabled Atlas to bring its mines back into production.

In a statement to the Australian Securities Exchange, Mr Flanagan said now the debt-restructuring deal was complete, he was ready to take a break.

"As a result of the strategies we have devised, the support shown by lenders and contractors and the sheer hard work of our team, Atlas has a solid foundation on which to build a strong future," Mr Flanagan said.

"I have no doubt that the company is now ideally positioned to take full advantage of the opportunities which will stem from having a markedly lower cost base and a more robust balance sheet," he said.

Mr Flanagan will remain in the position for six months unless a permanent replacement is appointed before then.

AustraliaPlus

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Atlas Iron managing director David Flanagan resigns

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