Over 180 million shares have changed hands already.
Atlas had recently been delivering a share price renaissance, touching a 12-month high earlier in the week of 4.6 cents.
That has abruptly come to a halt following a North West Infrastructure (NWI) update.
Atlas received notice from the office of the Minister for Transport, Planning and Lands that implies that NWI does not have a priority right to develop Stanley Point Berths 3 and 4 in the Port of Port Hedland, Western Australia.
The Minister has confirmed that Stanley Point Berths 3 and 4 are set aside for junior miners.
The Minister advises that the Pilbara Ports Authority will assess any application by NWI to develop these berths on its merits in accordance with the Pilbara Ports Authority’s standard port development processes.
Atlas said that it considers that this position is contrary to the previous stated policy of the Western Australian government and is considering its position with respect to this notice.
In 2009 NWI was conferred a 50mtpa channel capacity allocation to facilitate the development of a stockyard and two berth facility in Stanley Point.
ASX Most Traded at midday
|Atlas Iron Ltd||AGO||$0.036||-18.18||181,395,714|
|Jacka Resources Ltd||JKA||$0.002||0.00||33,398,620|
|White Cliff Minerals Ltd||WCN||$0.002||0.00||31,500,000|
|SmartTrans Holdings Ltd||SMA||$0.004||0.00||25,980,290|
|Hardey Resources Ltd||HDY||$0.004||0.00||25,356,071|
|Paladin Energy Ltd||PDN||$0.190||5.56||23,649,844|
|Telstra Corporation Ltd||TLS||$2.845||3.08||20,121,840|
|Lakes Oil NL||LKO||$0.002||0.00||18,755,878|
|Jacka Resources Ltd||JKAOC||$0.001||0.00||17,850,000|