RNS Number:1615R
Portman Ld
22 October 2003
PORTMAN LIMITED
A.B.N. 22 007 871 892
22 October 2003
QUARTERLY REPORT FOR THE PERIOD ENDED
30 September 2003
HIGHLIGHTS
Corporate
* Federal environmental approval to develop the Northern Tenements
was received in early September.
* The Federal Minister for Environment and Heritage declined two
applications for emergency site protection under the Aboriginal and Torres
Strait Islander Heritage Protection Act (1984).
Koolyanobbing
* Sales of over 700,000 tonnes of high phosphorous fine ore were
confirmed during the quarter.
* Shipments exceed budget for the first 9 months and for the first
time annual shipments of 5 million tonnes are targeted.
* Completion of resource model for C Deposit confirms 8.99 million
tonnes of low P resource, some 4.6 million tonnes more than previously reported.
* Net FOB returns were over budget during the quarter because of
further elimination of price discounting in the Chinese market.
Northern Tenements
* Contracts to construct a haul road and build the Windarling
accommodation facilities were awarded. Construction of the accommodation
facilities will commence in late October and construction of the haul road will
commence in early November 2003.
* Recent drilling of Windarling and Mt Jackson deposits confirms
grade and width of mineralisation.
Cockatoo Island
* Production is being gradually increased as continued improvements
are made to the pit dewatering system.
* Stage 1 of sub-sea project is once again operating on a cash
positive basis.
PORTMAN LIMITED
A.B.N. 22 007 871 892
22 October 2003
QUARTERLY REPORT FOR THE PERIOD ENDED
30 September 2003
1.0 CORPORATE
Environmental Approvals - Northern Tenements
Federal environmental approval, received on 5 September 2003, represented the
last major obstacle to development of the Northern Tenement orebodies and
transport corridor.
Detailed plans for all aspects of the construction and development phase are in
place and activity will commence following confirmation of compliance with
relevant ministerial conditions at both State and Federal level.
Water and resource exploration continued during the quarter.
2.0 PORTMAN IRON ORE
2.1 Koolyanobbing Project
Production and shipments for the quarter and year to date were as follows:
Actual Actual Actual
Sept Qtr 2003 YTD 2003 Sept Qtr 2002
Koolyanobbing Iron Ore Project
Tonnes
Ore Mined 1,556,088 4,998,767 851,498
Ore Processed - Lump 563,648 1,682,690 542,138
Ore Processed - Fines 697,355 2,003,203 567,494
Ore Processed - Total 1,261,003 3,685,893 1,109,632
Ore Railed - Lump 533,566 1,545,151 646,584
Ore Railed - Fines 754,670 1,911,954 565,144
Ore Railed - Total 1,288,236 3,457,105 1,211,728
Ore Shipped - Lump 478,952 1,529,015 607,913
Ore Shipped - Fines 826,467 2,098,063 406,843
Ore Shipped - Total 1,305,419 3,627,078 1,014,756
2.2 Cockatoo Island Joint Venture (50% Portman 50% Henry Walker Eltin)
2.2.1 Production (100% Figures)
Production and shipments for the quarter and year to date were as follows:
Sept Qtr 2003 YTD 2003 YTD 2002
Cockatoo Island Iron Ore Project
Tonnes
Ore Produced 159,737 427,762 45,920
Ore Shipped 100,200 414,646 50,568
2.2.2 Project Development
Major activities completed during the third quarter were finalisation of the
mine plan, installation of test dewatering bores and a geotechnical drilling
program. The results of these activities are being incorporated in a
feasibility study on the future life of the project which is due for completion
in November.
2.3 Marketing
Demand for iron ore from China further tightened and traded ore is in
significant under supply. As forecast last quarter, this has had a marked
positive effect on Portman's unit USD revenues. As the 2004 pricing season gets
underway the price outlook is very positive.
Portman has received very positive market reaction to its sales initiative on
high phosphorous fine ore. Sales in excess of 700,000 tonnes have been
confirmed for the second half and sales beyond this period are expected to be
strong.
Customers have responded very positively to the Northern Tenement environmental
approvals. For the first time in the history of the project, Portman has the
opportunity to enter into long term sales contracts in China.
2.4 Exploration
At Koolyanobbing, reverse circulation (RC) drill programmes were completed at B
and C deposits with additional drilling completed at F Prospect, prior to
transferral of drilling operations to the Northern Tenements. Drilling at B and
C deposits targeted extensions to the known mineralised zones and the further
evaluation of recently identified mineralised zones adjacent to established
resources.
Following final government approval, exploration activity shifted from the
Koolyanobbing area to the Northern Tenements project enabling access to the
lease areas in early August. The initial reverse circulation drill programme
targeting the W2 and W3/5 deposits at Windarling and the J2 deposit at Mt
Jackson has confirmed results from the earlier drilling completed in 2001.
2.4.1 Koolyanobbing
B Deposit
All outstanding RC drill results were received during the quarter.
Drill intercepts support results previously reported and confirm the presence of
a newly identified mineralised zone 20 to 30 metres thick, with a strike length
in excess of 300 metres. The mineralisation typically has moderate iron grades
(>61%), moderate to high sulphur (0.06% to 0.11%) and low levels of phosphorous
(58% Fe Indicated 8.60 60.88 0.047 3.18 0.97 0.076
Inferred 0.39 60.92 0.036 2.53 0.85 0.121
Total 8.99 60.88 0.046 3.16 0.96 0.078
In addition, RC drilling of a previously untested mineralised outcrop located on
the northern flank of the deposit has returned broad widths of high-grade iron
with associated low phosphorous and sulphur. The mineralisation is positioned on
the mafic / banded iron formation contact and is fault controlled to the east.
Further RC drilling has been planned to test the extent of mineralisation.
Significant drill intercepts reported from C Deposit are listed in Table 2.
F Prospect
Reverse circulation drilling at F Prospect has continued to target a number of
mineralised zones identified from detailed surface mapping. A total of 12 holes
for 1176 metres has been completed testing the strike and depth continuity of
the southern footwall zone. Results returned from the drilling confirm the
continuity of the mineralization over a strike of 350 metres and to a depth of
100 metres.
Significant intercepts for drill holes are listed in Table 2.
Table 2. Significant intercepts - Koolyanobbing (intercept cut-off 58% Fe)
Hole ID East North From Intercept P S Al2O3 SiO2 LOI
(m) (%) (%) (%) (%) (%)
B Deposit
KBRC121 743201 6585695 78 18.0 m @ 62.01 % Fe 0.008 0.065 0.35 2.73 5.23
KBRC122 743246 6585668 82 28.0 m @ 58.98 % Fe 0.006 0.062 0.38 6.27 5.15
KBRC123 743286 6585630 60 26.0 m @ 60.55 % Fe 0.013 0.045 0.48 5.04 5.09
94 18.0 m @ 60.23 % Fe 0.014 0.147 0.34 4.34 6.09
KBRC125 743311 6585589 52 28.0 m @ 61.25 % Fe 0.009 0.072 0.62 3.70 5.29
KBRC127 743354 6585540 66 32.0 m @ 59.34 % Fe 0.009 0.101 0.67 7.42 4.62
KBRC128 743377 6585513 60 30.0 m @ 61.30 % Fe 0.007 0.076 0.71 3.98 4.63
KBRC130 743426 6585480 78 14.0 m @ 60.23 % Fe 0.006 0.047 0.80 5.77 4.61
98 10.0 m @ 60.28 % Fe 0.008 0.246 0.44 4.65 5.69
KBRC136 743143 6585706 28 10.0 m @ 60.04 % Fe 0.080 0.105 1.93 3.05 8.48
KBRC137 743188 6585726 54 14.0 m @ 60.66 % Fe 0.030 0.076 0.71 5.48 5.40
KBRC140 743318 6585654 90 24.0 m @ 60.22 % Fe 0.004 0.048 0.52 4.40 5.52
C Deposit
KCRC075 743824 6585292 46 40.0 m @ 64.05 % Fe 0.006 0.037 0.45 1.06 4.88
KCRC077 743860 6585297 14 50.0 m @ 60.85 % Fe 0.005 0.028 1.00 2.16 6.10
66 46.0 m @ 62.97 % Fe 0.009 0.053 0.82 1.57 5.73
KCRC078 743744 6585135 46 12.0 m @ 58.45 % Fe 0.007 0.030 1.02 5.31 9.87
KCRC079 743866 6585299 12 22.0 m @ 61.31 % Fe 0.007 0.046 0.76 3.14 6.48
52 18.0 m @ 64.60 % Fe 0.004 0.035 0.38 1.00 4.80
Hole ID East North From Intercept P S Al2O3 SiO2 LOI
(m) (%) (%) (%) (%) (%)
KCRC080 743928 6585300 54 48.0 m @ 63.39 % Fe 0.004 0.077 0.77 1.60 4.99
KCRC081 743903 6585318 40 62.0 m @ 60.95 % Fe 0.012 0.045 0.50 2.33 5.16
KCRC084 743746 6584996 4 20.0 m @ 58.29 % Fe 0.044 0.024 1.44 4.42 10.23
KCRC088 743804 6585285 70 62.0 m @ 62.29 % Fe 0.005 0.052 0.56 1.36 6.99
KCRC094 743902 6585220 74 32.0 m @ 63.87 % Fe 0.005 0.048 0.52 1.79 5.07
112 30.0 m @ 61.83 % Fe 0.006 0.078 1.01 1.91 6.25
KCRC096 743942 6585228 128 10.0 m @ 60.55 % Fe 0.016 0.014 0.23 5.51 5.47
KCRC098 743872 6585222 64 50.0 m @ 62.04 % Fe 0.007 0.037 0.88 2.20 5.86
KCRC100 743864 6585207 62 36.0 m @ 60.34 % Fe 0.006 0.054 0.91 4.21 6.80
KCRC103 743862 6585200 68 26.0 m @ 61.16 % Fe 0.006 0.058 0.93 2.15 7.09
102 14.0 m @ 60.90 % Fe 0.005 0.053 1.32 3.13 7.15
KCRC105 743940 6585227 72 10.0 m @ 60.31 % Fe 0.023 0.040 0.55 3.93 8.79
90 24.0 m @ 62.63 % Fe 0.006 0.124 0.15 2.33 6.30
F Prospect
KFRC102 749862 6581104 16 34.0 m @ 60.84 % Fe 0.012 0.051 0.23 6.65 5.88
52 10.0 m @ 61.26 % Fe 0.058 0.072 1.07 3.56 7.33
KFRC103 749877 6581124 60 18.0 m @ 60.00 % Fe 0.004 0.066 0.14 7.07 6.52
KFRC104 749905 6581079 68 16.0 m @ 58.64 % Fe 0.004 0.084 0.12 9.66 5.91
KFRC105 749761 6581134 30 14.0 m @ 61.57 % Fe 0.004 0.086 0.24 3.69 7.66
KFRC106 749776 6581155 0 20.0 m @ 61.85 % Fe 0.017 0.035 0.35 2.53 8.44
64 14.0 m @ 59.19 % Fe 0.005 0.042 0.15 8.75 6.19
KFRC107 749674 6581185 32 10.0 m @ 62.25 % Fe 0.005 0.078 0.41 2.09 8.07
KFRC110 749596 6581248 30 32.0 m @ 61.70 % Fe 0.010 0.040 0.43 6.28 4.81
KFRC112 749578 6581221 16 24.0 m @ 62.91 % Fe 0.004 0.060 0.21 1.66 7.80
52 10.0 m @ 62.31 % Fe 0.014 0.083 0.44 2.40 7.70
2.4.2 Northern Tenements
Evaluation of the Windarling W2, W3 and W5 and Mt Jackson J2 deposits commenced
during the quarter. A total of 7,400 metres of in-fill RC drilling has been
completed at the deposits.
A programme of large diameter (PQ) diamond drilling designed to collect samples
for metallurgical and ore characterisation test work commenced during the
quarter and remains ongoing. A total of 9 holes for 673.4 metres has been
completed at Windarling W2, W3 and W5 deposits. All diamond drill holes have
twinned RC drill holes at each deposit providing a high level of support for the
RC drill results.
Windarling Project
The Windarling prospects and deposits form a prominent E-W oriented range
approximately 27 kilometres north of Mount Jackson. There are 5 known deposits
which occur in two parallel zones of mineralised BIF approximately 600m apart at
the western extremity of the range. The units gradually converge towards the
east.
The BIF units contain and are enveloped by metasediments and mafic volcanics
which are deeply oxidised especially in close proximity to the mineralised BIF.
W3 Deposit
The W3 deposit forms the most prominent ridge of the Windarling Range. The
stratigraphy dips approximately 50 degrees South and has a strike length of
approximately 950 metres. Up to three parallel zones of iron mineralisation,
over a width of approximately 40 metres, are separated by lenses of sheared
mafic. Environmental restrictions currently limit access to 30% of the deposit
area, although this can be increased to 50% in the future provided prescribed
conditions are met.
Eighteen holes for 1,428m were drilled at W3 during the quarter significantly
upgrading the level of confidence in the resource. Significant intercepts are
listed in Table 3. Mineralised intercepts are typically greater than 15 metres
in true thickness, high in iron (>64%), low in sulphur (0.10%). Best results reported from the drilling are:
* 38m at 65.56% Fe, 0.119% P, 0.013% S and 0.71% Al2O3 from
11m in W3RC028, and
* 34m at 62.58% Fe, 0.132% P, 0.192% S and 3.07% Al2O3 from
13m in W3RC023.
W5 Deposit
The W5 deposit is located approximately 250 metres South of W3 with stratigraphy
dipping at 70 degrees to the South. The deposit occurs over a strike length of
1050 metres with up to 5 zones of well bedded, medium grained hematite
containing minor goethite. The mineralization has a true width of approximately
25 metres.
Fourteen holes for 1,352m were drilled at W5 during the quarter. Significant
intercepts are listed in Table 3. Mineralised intercepts are typically greater
than 10 - 15 metres in true thickness, high in iron (>64%), moderate in sulphur
(0.10%). Best results from the drilling are:
* 23m at 64.88% Fe, 0.096% P, 0.023% S and 2.70% Al2O3 from
43m in W5RC066 and,
* 20m at 66.63% Fe, 0.108% P, 0.006% S and 1.21% Al2O3 from
55m in W5RC059.
W2 Deposit
The W2 deposit occurs in the southernmost BIF horizon which dips at
approximately 75 to 80 degrees South over a strike length of over 1,000 metres.
The deposit consists of a number of ore zones intercalated with metasediments
and mafic volcanics over a true width of approximately 60 metres.
Twenty-four holes for 2,539m were drilled at W2 during the quarter. Significant
intercepts are listed in Table 3. Mineralised intercepts are typically greater
than 10 metres in true thickness, high in iron (>64%), variable sulphur (0.06 to
0.02%) and moderate in phosphorous (0.08%). Best result from the drilling are:
* 29m at 66.43% Fe, 0.070% P, 0.011% S and 0.18% Al2O3 from
120m in W2RC034.
* 36m at 65.31% Fe, 0.037% P, 0.093% S and 1.12% Al2O3 from
38m in W2RC038.
Mount Jackson Project
The Mount Jackson deposits (J1 to J4) occur in the Mt. Jackson Range which is
comprised of Archean iron formation, mafic volcanics and metasediments which
trend WNW over a strike length of approximately 19km. Exploration has only
targeted the larger high-grade J2 Deposit at Mt Jackson to date.
J2 Deposit
Stratigraphy at the J2 deposit generally strikes E-W with iron mineralisation
consisting of fine-medium grained, bedded to massive, vuggy goethite-hematite
with minor amounts of limonite and rare magnetite.
A total of 10 RC drillholes for 954m was completed at J2 during the quarter. No
assays pertaining to the drilling completed in September have been received.
Table 3. Significant intercepts - Northern Tenement Projects (intercept cut-off
58% Fe)
Hole ID East North From Intercept P S Al2O3 SiO2 LOI
(m) (%) (%) (%) (%) (%)
Windarling - W2
Deposit
W2RC034 718901 6677132 99 13.0 m @ 67.90 % Fe 0.052 0.005 0.25 0.73 1.38
120 29.0 m @ 66.43 % Fe 0.070 0.011 0.18 2.03 2.07
W2RC035 718854 6677169 7 12.0 m @ 65.62 % Fe 0.035 0.071 1.38 2.13 2.12
36 17.0 m @ 66.11 % Fe 0.063 0.030 0.89 0.73 3.29
60 27.0 m @ 63.89 % Fe 0.095 0.014 1.80 1.96 3.72
W2RC036 719000 6677236 50 45.0 m @ 62.37 % Fe 0.095 0.017 1.84 4.10 4.30
W2RC037 718946 6677212 22 12.0 m @ 64.15 % Fe 0.057 0.178 2.32 2.61 2.74
49 27.0 m @ 65.80 % Fe 0.039 0.026 1.25 1.59 2.63
W2RC038 718899 6677210 16 12.0 m @ 64.64 % Fe 0.081 0.124 1.46 1.89 3.54
38 36.0 m @ 65.31 % Fe 0.037 0.093 1.12 1.54 3.12
W2RC039 718846 6677132 73 13.0 m @ 66.13 % Fe 0.118 0.004 0.80 1.27 2.87
94 22.0 m @ 64.11 % Fe 0.060 0.005 1.88 3.58 2.33
W2RC040 718799 6677095 98 10.0 m @ 67.16 % Fe 0.061 0.004 0.39 0.71 2.62
113 19.0 m @ 66.88 % Fe 0.071 0.005 0.32 0.62 3.01
W2RC041 718452 6677004 54 14.0 m @ 66.24 % Fe 0.109 0.002 0.84 1.42 2.44
92 10.0 m @ 66.08 % Fe 0.086 0.003 0.66 1.73 1.92
Hole ID East North From Intercept P S Al2O3 SiO2 LOI
(m) (%) (%) (%) (%) (%)
W2RC042 718600 6677017 81 12.0 m @ 66.36 % Fe 0.060 0.004 1.02 1.03 1.34
100 23.0 m @ 64.12 % Fe 0.073 0.024 2.08 2.68 2.42
W2RC043 718451 6676963 86 13.0 m @ 65.52 % Fe 0.110 0.005 0.93 1.05 2.45
112 11.0 m @ 65.0480% Fe 0.150 0.011 1.05 1.58 3.59
132 13.0 m @ 64.54 % Fe 0.198 0.011 0.18 0.89 5.97
W2RC044 718602 6677064 51 18.0 m @ 67.41 % Fe 0.050 0.008 1.34 0.85 0.47
W2RC045 718706 6677089 65 11.0 m @ 67.48 % Fe 0.033 0.003 0.86 0.83 0.33
82 16.0 m @ 66.43 % Fe 0.047 0.005 0.98 1.32 2.25
W2RC047 718799 6677172 1 19.0 m @ 63.72 % Fe 0.041 0.318 1.93 3.24 2.35
32 20.0 m @ 67.48 % Fe 0.059 0.040 0.76 0.56 1.49
W2RC049 718745 6677147 30 13.0 m @ 67.62 % Fe 0.048 0.013 1.35 0.60 0.64
W2RC051 718703 6677047 110 11.0 m @ 65.43 % Fe 0.067 0.011 0.99 1.47 3.39
126 18.0 m @ 65.74 % Fe 0.059 0.014 1.04 1.45 2.90
W2RC052 718358 6677028 34 13.0 m @ 65.53 % Fe 0.090 0.011 1.39 1.30 1.70
W2RC053 718401 6677031 2 10.0 m @ 64.56 % Fe 0.029 0.020 2.16 3.88 1.11
25 11.0 m @ 67.32 % Fe 0.059 0.006 0.76 1.13 1.43
W2RC054 718450 6677032 23 12.0 m @ 65.25 % Fe 0.162 0.006 1.33 1.91 2.73
41 24.0 m @ 66.37 % Fe 0.138 0.006 0.69 1.02 2.64
Windarling W3 Deposit
W3RC011 721240 6677851 74 21.0 m @ 65.57 % Fe 0.069 0.008 1.34 1.66 2.83
102 20.0 m @ 64.11 % Fe 0.097 0.008 1.31 1.83 4.63
W3RC012 721188 6677862 79 15.0 m @ 65.77 % Fe 0.087 0.008 1.19 0.86 3.45
104 25.0 m @ 64.57 % Fe 0.120 0.007 1.41 1.52 4.09
W3RC013 721237 6677891 39 20.0 m @ 64.72 % Fe 0.085 0.012 1.28 1.28 3.98
64 20.0 m @ 64.43 % Fe 0.119 0.006 1.58 2.08 2.73
W3RC014 721192 6677901 43 22.0 m @ 66.02 % Fe 0.065 0.023 1.00 1.04 3.16
75 17.0 m @ 63.35 % Fe 0.128 0.006 2.16 2.37 3.79
W3RC015 721338 6677867 46 34.0 m @ 60.37 % Fe 0.134 0.009 2.62 3.58 5.61
W3RC017 721037 6677871 80 22.0 m @ 62.05 % Fe 0.078 0.010 1.30 5.89 3.72
120 18.0 m @ 66.86 % Fe 0.141 0.007 0.40 0.71 2.77
W3RC018 721085 6677902 54 20.0 m @ 59.14 % Fe 0.141 0.019 4.66 5.08 4.74
W3RC019 721040 6677923 52 20.0 m @ 63.84 % Fe 0.129 0.013 1.78 3.22 3.05
W3RC020 720940 6677893 63 21.0 m @ 63.42 % Fe 0.111 0.021 2.03 1.64 4.09
W3RC021 721437 6677880 12 19.0 m @ 59.03 % Fe 0.264 0.041 1.54 1.65 9.59
W3RC024 721294 6677913 10 17.0 m @ 62.17 % Fe 0.113 0.014 2.03 2.73 5.01
32 13.0 m @ 64.21 % Fe 0.177 0.005 0.62 1.04 4.83
W3RC025 721241 6677932 5 25.0 m @ 60.17 % Fe 0.120 0.007 0.81 9.06 3.39
38 15.0 m @ 64.75 % Fe 0.168 0.007 0.81 0.93 3.47
W3RC026 721190 6677940 15 18.0 m @ 63.39 % Fe 0.107 0.035 1.54 2.11 4.94
44 14.0 m @ 64.45 % Fe 0.178 0.005 0.90 1.23 4.55
W3RC027 721140 6677953 12 15.0 m @ 66.06 % Fe 0.067 0.010 0.86 1.37 2.23
37 24.0 m @ 63.82 % Fe 0.139 0.021 2.01 2.31 3.09
W3RC028 721095 6677956 11 38.0 m @ 65.56 % Fe 0.119 0.012 0.70 1.11 3.63
W3RC029 721042 6677958 24 19.0 m @ 64.15 % Fe 0.153 0.012 1.40 1.83 3.99
W3RC030 720939 6677954 1 10.0 m @ 62.18 % Fe 0.072 0.022 1.83 4.36 3.99
16 21.0 m @ 66.28 % Fe 0.115 0.015 0.47 0.72 3.45
W3RC031 720993 6677934 21 20.0 m @ 61.71 % Fe 0.136 0.016 2.63 2.89 5.24
Hole ID East North From Intercept P S Al2O3 SiO2 LOI
(m) (%) (%) (%) (%) (%)
Windarling W5
Deposit
W5RC051 721739 6677830 30 12.0 m @ 59.41 % Fe 0.132 0.022 0.75 9.34 3.94
53 21.0 m @ 59.34 % Fe 0.166 0.039 1.20 8.57 4.20
W5RC052 721642 6677800 2 19.0 m @ 61.04 % Fe 0.120 0.051 2.01 5.31 4.66
35 15.0 m @ 61.11 % Fe 0.161 0.044 1.55 7.10 3.22
W5RC054 721540 6677754 59 15.0 m @ 62.70 % Fe 0.185 0.016 1.84 3.12 3.84
W5RC058 721090 6677691 71 19.0 m @ 64.06 % Fe 0.148 0.013 2.68 2.81 2.38
W5RC059 720589 6677602 55 20.0 m @ 66.63 % Fe 0.108 0.006 1.21 1.45 1.37
W5RC060 720641 6677601 69 14.0 m @ 66.12 % Fe 0.127 0.008 1.38 1.63 1.71
W5RC061 720739 6677586 107 13.0 m @ 64.59 % Fe 0.191 0.009 2.12 2.32 2.44
W5RC062 720639 6677659 21 17.0 m @ 65.07 % Fe 0.047 0.007 2.22 2.98 1.35
W5RC063 720690 6677637 46 12.0 m @ 63.79 % Fe 0.043 0.006 2.87 3.27 1.65
W5RC064 720738 6677637 43 15.0 m @ 63.51 % Fe 0.047 0.019 2.79 2.81 2.12
W5RC065 720841 6677638 73 15.0 m @ 62.54 % Fe 0.129 0.007 3.82 3.12 3.01
W5RC066 720892 6677671 43 23.0 m @ 64.88 % Fe 0.096 0.023 2.70 1.61 2.37
W5RC067 720991 6677694 41 10.0 m @ 63.77 % Fe 0.129 0.032 2.50 3.05 2.49
W5RC068 720941 6677662 69 16.0 m @ 63.98 % Fe 0.133 0.007 2.62 2.67 2.66
W5RC070 721139 6677770 0 17.0 m @ 58.23 % Fe 0.087 0.034 2.35 10.67 2.87
W5RC071 720792 6677636 68 19.0 m @ 64.65 % Fe 0.108 0.014 1.85 2.30 2.52
2.4.3 Cockatoo Island (50% Portman Iron Ore Limited / 50% HWE)
SRK Consulting has been contracted to undertake in-situ resource modelling
following the completion of the reverse circulation drill programme in the June
quarter. The in-situ resource estimate will be finalised following the
completion of the geotechnical assessment of the Stage 1 and 2 Seawall pit
areas.
2.4.4 Exploration Expenditure
Dollars Sept Qtr 2003 YTD 2003 YTD 2002
Koolyanobbing Project 1,287,182 3,051,784 2,561,408
SA Iron 6,056 418,636 1,197,537
Lignite (3,543) 32,702 880,019
Cockatoo Island 11,077 53,118 -
3.0 FOREIGN EXCHANGE HEDGING
Total residual foreign exchange cover for the Portman Group at 30 September 2003
was US$106.951M.
YEAR 2003 2004 2005 2006 TOTAL
2003-6
Face Value US$M 10.451 63.000 26.500 7.000 106.951
Weighted Avg 'Worst" Case Hedge .5561 .5592 .6037 .5849 .5710
Rate
Portman Group's current Foreign Exchange Policy, for all new hedging, provides
for:
* Up to 12 months maturity: committed and/or uncommitted FX Hedging up to a
maximum of 75% of forecast USD sales.
* 12 to 24 months maturity: committed and/or uncommitted FX Hedging up to a
maximum of 75% of forecast USD sales and subject to the committed FX Hedging
component not exceeding 25% of forecast USD sales.
* 24 to 36 months maturity: committed and uncommitted FX Hedging up to a
maximum of 75% of forecast USD sales and subject to the committed FX Hedging
component not exceeding 12.5% of forecast USD sales.
PORTMAN LIMITED
A.C.N. 007 871 892
Corporate Information
Directors
George Jones Chairman
Barry Eldridge Managing Director/CEO
Michael Perrott Director
Richard Knight Director
Martin Albrecht Director
Company Secretary
Geoffrey Clifford
Registered Office
Level 11, The Quadrant
1 William Street
Perth 6000
WESTERN AUSTRALIA
Telephone: (08) 9426 3333
Facsimile: (08) 9426 3344
Internet site: www.portman.com.au
Issued Capital
At 30 September 2003 there were 174,225,712 Ordinary shares on issue.
Substantial Shareholders as at 30 September 2003
Thiess Pty Ltd
ING Australia Ltd
JP Morgan Nominees Australia Ltd
ANZ Nominees Limited
National Nominees Limited
Westpac Custodian Nominees Limited
AMP Life Limited
Reporting Calendar
Anticipated release dates for information in 2003 and other important
anticipated dates are as follows:
* December 2003 Quarterly Report Mid January 2004
* ASX Appendix 4E Preliminary Final Report Late February 2004
This information is provided by RNS
The company news service from the London Stock Exchange
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