0425 GMT [Dow Jones] Brockman Resources (BRM.AU) announces major upgrade to resource estimate at Marillana iron ore project, up to 1.1 billion tons of haematite, far exceeds previously announced target of at least 100 million tons. Share price more than doubles to A$2.77, up 144%. Iron ore prices to rise again in 2009-10 contract period, Goldman Sachs JBWere expects 20% price rise, but from 2010 price to taper off given substantial new supply coming on stream. Global steel demand growing at about 5% annually, analysts say. Brockman says Marillana will be world-class project, capable of producing direct shippable ore with iron content of 59%. MD Wayne Richards says encouraging initial results from scoping study for the project, nearing completion with results expected shortly. "We are progressing discussion with third party infrastructure owners as well as with the Port Hedland Port Authority with regard to ore transport, unloading and shipping options," says Richards. (EFB)
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