brockman slow going

The transparency of Wah Nam's objective is becoming apparent to all.

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Brockman: slow going

Peter Ker
November 12, 2011.

THE delays keep coming for struggling iron ore aspirant Brockman Resources, but the market does not seem to mind.

Brockman shares rose 5¢ to $2.24 yesterday despite the company revealing that a feasibility study into its flagship project would not be completed until next June.

The report into the Marillana iron ore project was originally expected in ''September or October'' this year, but fell victim to the ructions that have accompanied the recent hostile takeover by Hong Kong investors Wah Nam.

In a statement released yesterday, Brockman said it would study possible changes to the processing plant design as well as the construction strategy for Marillana, and was not expecting to hit on the best solution until June.

The study will be conducted at the same time as a strategic review of the company, launched recently by Wah Nam.

The Marillana project is 100 kilometres north-west of Newman in the Pilbara. Shares in Brockman were above $6 in April but have plummeted in the wake of Wah Nam's takeover and iron ore prices that have fallen by more than 30 per cent in a month. Prices have now steadied to about $US130 a tonne.

Read more: http://www.smh.com.au/business/brockman-slow-going-20111111-1nbsr.html#ixzz1dd8vv94R