Recovery from Windimurra Fire Could Take Nine Months, Says Atlantic

Atlantic Ltd. (ASX:ATI) announced in a corporate update that it could take about nine months to rebuild a beneficiation plant damaged earlier this month in a fire at its Windimurra operation. Ramping production up to its pre-fire level will happen within the same time frame.

Further, Atlantic said that “the combined material damage and business interruption components of the insurance claim are in the order of $100 million.”

As quoted in the press release:

The progressive insurance payments and the proposed long term funding solution under discussion are designed to enable the business to continue, to rebuild the beneficiation plant and to re-commence vanadium production as soon as possible.

The Company requests that the voluntary suspension in the trading of its securities remain in place until it is in a position to provide more definitive details about the matters outlined above.

Click here to read the full Atlantic Ltd. (ASX:ATI) press release.