IRON MOUNTAIN MINING LIMITED
Iron Mountain and Portman Limited Enter Joint Venture
IRM - Portman Iron to Purchase Exploration
Tenements - Mr Keith Whitehouse, Managing Director
Thu, 14 Aug 2008 11:00AM
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Mr Keith Whitehouse
Thu, 14 Aug 2008
11:00AM Australia/NSW
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IRON MOUNTAIN MINING LIMITED (IRM)
ASX code: IRM
Website: http://www.ironmountainmining.com.au
Industry: Materials
Principal Activities:
Exploration of iron ore and other metals in Western Australia and Tasmania.
Address:
231 Adelaide Terrace, Level 7
PERTH
WA
Phone: (08) 9225 6475
Fax: (08) 9225 6474
Executives & Directors
Mr Simon England , Chairman
Mr David Zohar , Director
Mr John Watts , Director
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Company ASX Announcements
Company ASX announcements can be viewed on the ASX website.
Announcements from the preceding six months are shown below.
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IRON MOUNTAIN MINING LIMITED (IRM) Events
Australia/NSW
IRON MOUNTAIN MINING LIMITED (IRM)
| Final Director`s Interest Notice | Thu, 4 Dec 2008 |
| Results of Meeting | Wed, 26 Nov 2008 |
| Removal of Keith Whitehouse as Managing Director | Mon, 24 Nov 2008 |
| Change of Director`s Interest Notice | Fri, 21 Nov 2008 |
| Change of Director`s Interest Notice | Thu, 20 Nov 2008 |
| Notice of General Meeting/Proxy Form | Wed, 19 Nov 2008 |
| Appendix 3B | Tue, 4 Nov 2008 |
| Quarterly Activities Report | Thu, 30 Oct 2008 |
| Quarterly Cashflow Report | Thu, 30 Oct 2008 |
| Notice of Annual General Meeting/Proxy Form | Thu, 30 Oct 2008 |
Please note: This company appears on this website as a result of its listing on the Australian Securities Exchange. Boardroom Radio does not claim any association with any company listed on this site.
INTERVIEW WITH KEITH WHITEHOUSE, MANAGING DIRECTOR OF IRON MOUNTAIN MINING LIMITED (IRM)
“Iron Mountain and Portman Limited Enter Joint Venture”
http://www.brr.com.au/event/49376
THURSDAY, AUGUST 14, 2008, 11:00 AM.
BRR Good morning and welcome to Boardroom Radio. Today, we are speaking with Mr. Keith Whitehouse, Managing Director of Iron Mountain Mining
10 Limited. Thanks for joining us today, Keith.
IRM Thanks, Eddie. Good to be back.
BRR Keith, somewhat of an interesting situation yesterday. We saw an announcement come out from Portman Limited and then your stock went on
15 trading halt. Did you want to give our listeners just an update on the events that led up to this and why this was the case?
IRM Yes, indeed. What actually happened was there was a slight mistake. We had certainly been negotiating an agreement with Portman over one of our properties. There was an internal mistake in Portman and the announcement
20 was made just a little bit early. So they announced and we even had to go onto a trading halt while we finalised and signed documents and so on and got the whole thing underway. We had already agreed as to the quantum of the deal, but we had not quite finished signing it off. However, that is all done and dusted and we are very pleased to have come to this arrangement with
25 Portman.
BRR Okay, so that is obviously very good to hear, Keith. But what does this arrangement mean for Iron Mountain Mining? Where does it come from and why have you guys made this agreement with Portman Limited?
30 IRM We have been exploring on our Mt. Richardson lease over the past year. We have reported good results from there, encouraging results. We had identified a couple of pods of iron ore that are probably in the order of 5 million tonnes of high grade haematite greater than 60%. We were planning to get back in there later this year to continue drilling, and in the meantime had
35 commissioned environmental surveys to provide baseline information on the flora/fauna in the area, etc. so that we could proceed with this through to a mining situation. During the time we have been doing that though, we have actually had quite a bit of interest in the lease from various other companies and we have had a number of unsolicited offers for the lease. All the offers
40 have been quite substantial, but Portman came through with an offer that we felt was very interesting. One of the reasons why we have been talking to some of these companies and accepting the discussion and offer with them was on its own, I think Mt. Richardson, while it has got a lot of potential and we think has potential for a resource in excess of 20 million tonnes on the
45 property, on its own, it is not going to be enough to make it economic and it needs to be worked in conjunction with other properties. Now, Portman Mining are major players in that part of the world so they are obviously looking at it to bulk up other deposits that they have identified, and I think together, it can probably go forward to sneak a proposition, whereas by itself, perhaps it could not. As to the offer we got from Portman Mining, the option arrangement we have come to provides for a payment of $3 million upfront by the first of October. Following that, another $3 million when approvals to undertake further work on the site are received that is really conditional on the
5 finalisation of these flora surveys we are doing, environmental impact management plans, and then two further transfers of $2 million over the following two years to see Portman take full control of the lease. We also have negotiated, despite of that, a 2% royalty on any iron ore product produced on the site, working on the assumption that there might be a 300
10 million tonne resource there with a nominal selling price, say, of $50 a tonne (inaudible) (0:03:59) work out but that is a pretty good sort of return on the property. So we are very pleased with what we have negotiated here. It will provide us with a cash flow in a market that is not very (inaudible) (0:04:14) to raising money, and we will be cashed up as we move forward working on
15 some of our other projects, in particular Miaree.
BRR Obviously some fantastic opportunities coming out of this for Iron Mountain Mining, Keith. We thank you for your time today and we look forward to speaking to you soon.
20 IRM Sounds good. Thanks very much, Eddie.
BRR That was Keith Whitehouse, Managing Director of Iron Mountain Mining Limited. If you have any questions about this broadcast or any other broadcast, please feel free to contact us on brr@brr.com.au. I am Eddie
25 (Inaudible) (0:04:49) and thank you for listening to Boardroom Radio.
INTERVIEW CONCLUDED
Contact brr@brr.com.au for more information
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