phosphate, page-4

Nothing to do with POZ!


Phosphate Resources Ltd

CI Resources holds a 38.76% stake in Phosphate Resources Limited, an unlisted public company which carries out phosphate mining on Christmas Island - an Australian Territory, located off the northern coast of Western Australia.

Phosphate Resources owns 100% of a phosphate rock mine on Christmas Island, where it has mined and exported phosphate since 1990. Phosphate Resources currently exports approximately 700,000 tonnes per year of phosphate product to Australia, New Zealand, Malaysia, Thailand and Indonesia.

In addition to its phosphate business, Phosphate Resources has wholly owned subsidiaries involved in the fuel and earthmoving operations on Christmas Island. The company continues to be the largest employer on the Island.

Phosphate Resources has offices in Perth and Singapore, and employs over 100 people directly on Christmas Island, as well as contractors, making it the Island’s largest employer.

Phosphate Resources is currently seeking an additional 200 hectares of land for mining, which would extend phosphate export operations from Christmas Island from 5 years, to 10 to 12 years. The application is currently before the federal court with the case expected to be argued in February 2008.

Phosphate Resources is a high quality asset that is expected to significantly contribute to CI Resources growth, taking advantage of the expected strong growth in demand in the international phosphate market.