Moma Project

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Moma Project
AGM Presentation July 25, 2005
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Progress Headlines

• 28.5 complete against contractual 23.2
• Present forecast is for completion in 25.5 months
  (contract 27 months)
• Monthly progress rate increased by 50 in June
• Majority of big-ticket items ordered

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Health and Safety

• Over 600,000 man-hours achieved without LTI
• Permanent Safety Officer on site
• Extensive HS policies in place

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Main Areas of Project(Roaster)

• A magnetising roast is required to enhance the
  separation of hi-chrome and low-chrome ilmenite
  and to enhance TiO2 content
• Roaster design completed and order placed in May
  for delivery in late 2006

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Main Areas of Project(Civils)

• Aggregate crushing screening complete
• Bulk earthworks 90 complete
• Civils 10 complete, first concrete poured
  end-June

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Main Areas of Project(Camp)

• JV has used Kenmares camp until the permanent
  village was erected.
• Erection of village is underway.

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Main Areas of Project(Freight)

• Main shipping contract with Rohlig. Beach
  landings sub-contracted to Comarco.
• First barge left Bunbury 1st June, second barge
  left 13 days later.
• Remainder of equipment to be transported in
  conventional ships brought to site on smaller
  barges.

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Main Areas of Project(Dredges)

• Two 1800 kVA suction-cutter dredges ordered from
  IHC (Holland) in February.
• Construction on schedule. Keels were laid in
  May.
• Delivery in Q1 2006.

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Main Areas of Project(Barge)

• Design of Bronagh J complete and orders will be
  placed this month

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Main Areas of Project(Jetty)

• A 350m long jetty will be built to facilitate
  transfer of 1000 t/h product onto the barge and
  to receive fuel
• Agreement signed for jetty construction

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Main Areas of Project(Electrics and Transmission
Line)

• Bush cleared along entire 170 km route
• 20 pylon bases completed
• Resettlement and crop compensation programme
  completed
• Power will be available from February 06

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Environment

• No incidents or breaches have occurred.
• All reporting requirements on schedule. The
  baseline monitoring programme has begun.
• Local liaison working well.
• HIV/AIDS programme on schedule.

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Operational Aspects

• Recruitment underway for mining manager and mine
  planner to boost operations team.
• Organograms revised and recruitment schedule
  completed.
• Fuel supply contract being negotiated.

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Summary

• Project ahead of schedule
• Majority of large items on order
• Logistical problems being overcome
• 200 currently on site, set to peak at 400
• First production anticipated final quarter 2006

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The End