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12 Prospect December 2003–February 2004 Portman fast tracks Koolyanobbing expansion to meet soaring demand Yilgarn iron ore producer Portman Limited has responded swiftly with the implementation of the A$20 million expansion of its Koolyanobbing iron ore project to capitalise on soaring international iron ore demand. Buoyed by recent predictions that iron ore producers will reap another substantial price increase next year driven by China’s “ravenous appetite” for steel, Portman — like its counterparts at the upperend of the production Milestone: Portman’s port operations supervisor Roger Nancarrow (right) presents the Esperance Port Authority’s Bill Cutten with a hand-crafted grass tree bowl to commemorate the 20th million tonne of iron ore to be exported from Esperance. scale, Rio Tinto and BHP-Billiton — is racing to meet the new demand. A report released by AME Mineral Economics in October predicted that global iron ore consumption would increase by more than 6% in 2003, and continue rising over the next five years as demand in China doubles from the start of the decade to an estimated 500 Mt by 2008. On this basis, AME predicted that prices for benchmark Australian fines ore would match the 2002 increase of 9%, making 2003 prices the highest in a decade. “It is certainly a very exciting market,” says Richard Mehan, Portman’s General Manager, Iron Ore, the Portman executive responsible for overseeing the expansion project. “Our challenge is to position ourselves to meet the demand as quickly as possible, particularly considering the fact that the Koolyanobbing expansion project was held up for a couple of years due to environmental reasons,” he adds. The project now has the approval of both the State and Federal governments. Environmental approvals are conditional on no more than 30% of the native population of the plant Tetratheca paynterae being directly impacted by Portman’s initial mining operations. This will subsequently be increased to a 50% impact on completion of a comprehensive research and management plan by Portman which demonstrates that the remaining population of the plant can be maintained. The expansion project involves the development of new mining areas at Windarling and Mt Jackson, some 100 km north of Portman’s current mining operations at Koolyanobbing. Ore mined from the new areas will be trucked to the existing processing plant for blending to extend the life of the operation and, potentially, increase annual production. This tight development timetable should see Portman commence final construction and mine development activity at the Northern Tenements in early 2004, enabling it to produce first ore around March 2004. The base production rate for the expanded operation will be 4.8 Mt/a. An increase in the long-term production rate above 5.2 Mt/a will require a further capital investment, currently estimated at A$15 million. “That decision is driven by a number of factors including current market opportunities, new product opportunities and ore production from the Northern Tenements,” Mr Mehan said. Even at the base case production rate, the commencement of ore production at the Northern Tenements will ensure that iron ore mining continues at Koolyanobbing for many years to come. The operation recently celebrated a key milestone with the mining, railing and shipping of the 20 millionth tonne of ore.
A Bright Future Planned for Investors in Victoria Petroleum N.L. Victoria Petroleum N.L looks set to increase oil production after joining the ranks of Australia's oil producers. Participant in onshore North Perth Basin 5 MMBO Jingemia Oil Field production testing up to 1700 bopd in second half 2003. � Development drilling program in Jingemia Oil Field with aim to increase production to 4000bopd in 1st Qtr 2004 � Four well November 2003-February 2004 drilling program in Surat Basin, QLD and Carnarvon Basin, WA targeting 54 Million bbl oil potential � Active explorer and major acreage holder in Cooper Basin, South Australia with 5 wells starting drilling in March 2004 � Australia and US net oil production of 100 bopd in 3rd Qtr 2003 with 14 wells planned over next 9 months CONTACTS John Kopcheff Managing Director Chas Lane Exploration Manager PHONE 08 9220 9800 FACSIMILE 08 9220 9801 E-MAIL admin@vicpet.com.au ADDRESS Level 36 Exchange Plaza, 2 The Esplanade, Perth Western Australia 6000 VICTORIA PETROLEUM ASX CODE: VPE FOR MORE INFORMATION PLEASE VISIT www.vicpet.com.au DHA - VP0098
Page 1 and 2: Print post approved PP 665002/00062
Page 3 and 4: 2 GORGON GAS In what’s shaping up
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Page 7 and 8: South West Geraldton q PERTH Bunbur
Page 10 and 11: Peak potential looms for Kemerton I
Page 12 and 13: The power of biomass Residue from a
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Page 18 and 19: Saving energy with cogeneration Cog
Page 20 and 21: Blue gums: a growing market, with s
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Page 26 and 27: Iron ore Hamersley heralds a A$1.25
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Page 30: Price A$/t FOB Price A$/t FOB Price
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Page 37: As at December 2003 INSET B u u ! !

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