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iron ore news .. flinders next

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    Our Pilbara Neighbour....

    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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