Business Services Industry
Portman costs rise as iron ore talks stall.
Australasian Business Intelligence, May, 2006
Byline: Jo Clarke
May 15, 2006 (The Australian Financial Review - ABIX via COMTEX) -- Australian miner Portman is under intensifying pressure due to delays in international iron ore price negotiations. As the nation's number-three iron ore producer, and a much smaller enterprise than compatriots BHP Billiton and Rio Tinto or Brazil-based Companhia Vale do Rio Doce, Portman is near-powerless to control the price talks with Asian steelmakers. With the new contract year already six weeks old, miners have been exporting at old prices, knowing that the price difference will have to be accounted for later. On 15 May 2006 Portman announced that its mining expenses had increased by 15. Portman and its peers can only hope that higher ore prices will offset their...
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