Atlas Iron's Share Price Drops by Nearly 70 Percent as Trading Resumes

Mining Weekly reported that Atlas Iron Ltd.’s (ASX:AGO) share price fell by 70 percent on Monday when the company resumed trading after over three months.
As quoted in the market news:

Atlas in April suspended share trading shortly before announcing the suspension of its operations in the Pilbara, as the iron-ore price crashed and operations became uneconomical.
By June this year, the miner had restarted production at all three of its Pilbara mines and was now targeting a production rate of between 14-million tonnes and 15-million tonnes a year from the three operations.
Founding MD David Flanagan was also reappointed as MD of the battle-weary company in June, allowing Ken Brinsden to operate as executive director.
Meanwhile, plans to raise some A$180-million in capital also fell short, with Atlas only raising A$86-million from existing shareholders, contractors and new investors. With the resumption of trading on Monday, Atlas’s shares tumbled from a high of 4c a share, to a low of 3.1c a share.

Click here to read the full Mining Weekly report.