Atlas Iron will pay its contractors more as iron ore prices rise and give it a cut of its cashflow in a deal to keep itself afloat.
However those contractors have likely taken significant pay cuts or foregone payments in a deal Atlas said would protect more than 700 jobs.
The Pilbara iron ore miner released the details on Friday of what it dubbed a "contractor collaboration agreement", which reduces its breakeven iron ore price to $US50 a tonne.
That compares to a price of about $US61 on Friday, meaning the company is currently profitable.
That was not the case five weeks ago when it suspended all mining operations and trading in its shares, amid a sub-$US50 price that made it unprofitable and entered crisis talks with its creditors and contractors.
The company plans to be back in full production of 14 million to 15 million tonnes a year by 2015's end.
Of its three mines, Abydos is currently operating, with Wodgina restarting next week and Mt Webber some time between July and September.
Atlas chairman David Flanagan said it was an outstanding result that would underpin a strong future for the company.
"It will also pave the way for further increases in production, enabling us to deliver strong returns to all who have played a key role in ensuring the success of an important Australian company," he said.
The contractors, MACA, McAleese and Qube, will share in 25 per cent of Atlas' positive net operating cashflow and improved rates as the iron ore price rises.
The company also received funding support from the Western Australian government.
Atlas said it remained within the covenants of its debt and would conduct a capital raising for an as yet unknown amount before its shares, which are down 86 per cent in the last year, are due to resume trading next month.
It has been a disastrous year for the balance sheets, share price and workforces of Australia's iron ore miners, as the price has plunged due to weaker demand and extra supply driven by companies such as Rio Tinto and BHP Billiton.
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