Portman managing director Geoff Wedlock said sale of the fines would provide an attractive return on the $7.4 million project and expand the company’s customer base in Asia.
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 fines from the project will be shipped 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.
Meanwhile, Portman’s major shareholder, Leighton subsidiary Thiess, has reduced its holding in the company from 27.15 million shares to 23.15 million shares, or about 13.11% of its issued capital.
