The fate of Atlas Iron has undergone a dramatic turnaround after the embattled iron ore miner signed a landmark "collaboration agreement" with three of its key contractors and revealed it will raise $150 million in fresh capital.

Little over a month after declaring the plummeting iron ore price would force production to be suspended at its three Pilbara operations, Atlas returned from the brink on Friday with a revised business model it claimed would allow it to operate profitably even if the price fell back towards $US50 a tonne.

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