Incremental Expansion Of Mt. Newman Iron Ore Terminal

Mt. Newman Mining Co. is now completing an expansion program, begun even before initial construction was complete, which will result in facilities with the ability to ship over 30 million tons of iron ore per year by early 1973. Confidence in such rapid future growth was evidenced by careful planning for the future expansion of those facilities provided for initial operation of the project which first shipped ore on 1 April 1969. Ore sales contracts totaling more than 300 million tons have been negotiated, thus justifying the optimism which led the joint venturers to provide over $200 million in initial investment and a like amount in capital required to finance the continuing expansion program. Members of the Mt. Newman Joint Venture are: Amax Iron Ore Corporation - 25% (a subsidiary of American Metals Climax) Pilbara Iron Ltd. - 30% (a subsidiary of Colonial Sugar Refining) Dampier Mining Ltd. - 30% (a subsidiary of Broken Hill Proprietary) Seltrust Iron Ore Ltd. - 5% (a subsidiary of Selection Trust Ltd. of London) ? Mitsui C. Itoh Iron Ore Pty. Ltd. - 10% Mt. Newman Mining Co. Pty. Ltd. manages the project on behalf of the five companies which make up the joint venture.