Portman: Erste Erzladung aus Cockatoo Mine verschifft - 500 Beiträge pro Seite

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First Shipment of Cockatoo Island Fines Dispatched


Document date: Mon 11 Sep 2000 Released time: Mon 11 Sep 2000 15:55:07
Document No: 183708 Document part: A
Market Flag: Y
Classification: Progress Report
PORTMAN LIMITED 2000-09-11 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
MEDIA RELEASE

Portman Ltd has expanded its iron ore product range with the first
shipment of premium fines from its Cockatoo Island Project in Western
Australia, leaving port on Sunday 10 September 2000 bound for Asia.

Portman Ltd Managing Director, Mr Geoff Wedlock, said sales of the
fines would provide an attractive return on the $7.4 million project
and expand the Company`s customer base in Asia.

"The first shipment of 51,000 tonnes of premium fines has left our
port on Cockatoo Island on the vessel MV Anastassia. The shipment
will be delivered to Kunming Iron and Steel Corporation ("Kunming")
in China`s Yunnan province. Kunming is an important new customer for
the Company and for Western Australia and we would like to
acknowledge the support of the Australian Government in developing
trading links with Yunnan province."

"The development of the Cockatoo Island remnant mining operation is
another step forward in Portman`s positioning as Australia`s foremost
niche market iron ore supplier to the Asian region."

Mr Wedlock said the Cockatoo Island product is a new source of high
grade haematite ore eagerly sought by Asian steel mills.

The Cockatoo Island remnant ore project is a 50-50 joint venture
with Henry Walker Eltin - the contractor for the Island`s previous
concentrate project.

Over the next two years Portman will ship Cockatoo Island premium
fines to steel mills in Japan, China and other parts of Asia.

Portman`s major iron ore operation is the 2.5 million tonne a year
Koolyanobbing Iron Ore Joint Venture, in which Portman currently
holds a 60% interest. Under a deal negotiated earlier this year with
China`s Anshan Iron and Steel Complex, Portman will assume 100 per
cent control of the Koolyanobbing project from 1 January 2000.

Over a five year period, Portman is undertaking a staged expansion of
the project to produce 8 million tonnes of high grade lump ore and
sinter fines a year.

RELEASED BY: ON BEHALF OF:
Jan Hope / Nicholas Read Mr George Jones
Jan Hope & Partners CHAIRMAN
Telephone: [phone] Portman Mining Limited
Telephone: [phone]

Mr Geoff Wedlock
MANAGING DIRECTOR
Portman Mining Limited
Telephone: [phone]

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