Atlas Iron secures Chinese sale agreements

Atlas Iron (ASX:AGO) has announced it has secured two long-term sale agreements with Chinese steel wells.

The contracts cover a combined 1.1 million tonnes of iron per year – or around 30% of the expected yield from the company’s new Wodgina DSO project.

Atlas added that it expects to sign sale agreements for the remainder of the mine’s output in 1H10.

The first shipment to the steel wells is expected to leave Port Hedland in July 2010.