Keep your eye on this one ,progress is held up by a little weed that only grows in iron rich soil ,
maybe tissue culture and grow it elsewhere??
p.s The chart says wait for a pullback _______________________________________________
HOMEX - Perth
+++++++++++++++++++++++++ Australia and New Zealand Banking Group Limited (ANZ) increased its relevant interest in Portman Limited on 04/02/2003, from 8,779,318 ordinary shares (5.08%) to 14,485,241 ordinary shares (8.37%).
+++++++++++++++++++++++++ Australia and New Zealand Banking Group Limited became a substantial shareholder in Portman Limited on 20/08/2002 with a relevant interest in the issued share capital of 8,779,318 ordinary fully paid shares (5.08%).
Inherent Uncertainty Regarding Carrying Value of Assets due to the Approval to Access and Mine the Northern Tenements
On 6 December 2002, the company received notification from the Environmental Protection Authority ("EPA") that they had recommended to the Minister the following in connection with Portman's application to expand the existing Koolyanobbing iron ore mine by commencing new mining at Windarling Range and Mount Jackson ("the Northern Tenements") and linking the new mine sites to Koolyanobbing by a haul road or railway:
(i) That there should be no mining at Windarling Range unless, through an appropriate and comprehensive research program, it can be demonstrated that other measures can be adopted to ensure protection of Tetratheca paynterae and the vegetation communities in the wild.
(ii) That mining, as proposed at Mount Jackson, could take place provided conditions were introduced pursuant to the Environmental Protection Act 1986 to ensure "best practice" in environmental outcomes, including protecting biodiversity values.
The EPA recommendations, together with appeals from a number of parties are currently being considered by the Minister for the Environment as part of the process in determining whether Portman should be granted access to mine the Northern Tenements.
At the date of signing this Appendix 4B the Ministerial decision on whether Portman will be granted access to mine the Northern tenements in accordance with the proposed mining plan has not been made. Accordingly, the recoverability of the assets capitalised in connection with and incidental to Portman mining the Northern Tenements is uncertain.
Should Portman not be granted access to mine the Northern Tenements in accordance with the proposed mining plan the economic entity will be required to write off some or all of the assets capitalised in connection with and incidental to Portman mining the Northern Tenements and the Koolyanobbing project. The amount of write off is currently being determined and will be included in the Annual Report.
PMM Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
