Portman (PMM)

Shares / Stock Code

PMM

Stock Exchange / Sharemarket

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Portman (PMM) is a comparatively small mining company solely focused on iron ore mining and exploration in Western Australia. The Company’s major assets include Koolyanobbing project with current production of around 8mtpa and Cockatoo Island project. Portman was listed on the Australian Stock Exchange on 31 May, 1984. The company holds a 100% interest in the Koolyanobbing iron ore project and has a 50% share in the Cockatoo Island iron ore project. The Koolyanobbing iron ore project comprises three mine sites, Koolyanobbing, Mt Jackson and Windarling. PMM’s Cockatoo Island iron ore project is sited off the Kimberley Coast of Western Australia, 3,000 kilometers to the north of Perth. Its Koolyanobbing mine site is located 425 kilometers east of Perth, and it consists of the ore processing facilities for the project. Mt. Jackson and Windarling are situated 80 and 100 kilometers north of Koolyanobbing, respectively. During the year ended December 31, the Company produced about 7,474 thousand tons of ore. Portman started production of Cockatoo premium fines ore in a 50/50 joint venture in August 2000. The Company sold 1,342 thousand tons of ore during 2007. Portman supply iron ore to the Chinese and Japanese markets. It exports about 75% of product to China while 25% to Japan.

The Company focuses on maximizing the wealth from its existing businesses, delivering long term growth in earnings per share and seeking growth opportunities to provide more shareholder return through successful exploration, incremental expansion opportunities and prudent acquisitions.

Portman History

PMM listed on Australian Stock Exchange in 1984. In 1999, Portman sold its key asset, the 5Mtpa Burton coking coal mine located in the Bowen Basin, Queensland to RAG Coal International AG, leaving the company debt-free with $136M in cash. The Company then focused its all attention to the Koolyanobbing iron ore project in Western Australia, building to 5Mtpa in 2003 and undergoing an expansion to 8Mtpa in 2006. In April 2005, Cleveland-Cliffs, a US company gained an 80.4% interest in the Company through a $3.85 per share cash offer.