Portman Cements Thiess Alliance with Martin Albrecht Appointment Head of Australian Services Giant joins Board

Issue Date:  20 August 1999
Issued By:  Portman Mining Limited

Portman Mining Limited has announced the appointment of Thiess Contractors Pty Limited’s Managing Director, Mr. Martin Albrecht, to its Board, cementing its strategic alliance with the Queensland-based Group as it takes another step towards achieving its long-term growth plans.

Mr. Albrecht, who has been appointed to Portman’s Board as a non-Executive director, brings a wealth of international experience in the civil engineering, construction and resources industries to Portman, including the last 15 years as Managing Director of Thiess.

During this period, he has presided over the growth of Thiess which has become one of Australia’s leading multi-disciplinary engineering and construction related service companies. Thiess turnover for the 1998/99 financial year exceeded $1.7 billion – an all-time record.

Mr Albrecht’s appointment crystallises a long-running association between Portman and Thiess which commenced with Thiess’ involvement as Portman’s joint venture partner in the development of the low-cost Burton Coal Mine in Queensland – now one of Australia’s most efficient coking coal producers.

The association was further strengthened in June this year with the announcement of the strategic alliance between the companies as part of a long-term growth strategy to build Portman into a major raw materials and resources group. Thiess took up a $12.5 million placement in Portman and agreed to participate in the Company’s $50 million rights issue.

The alliance is designed to combine Portman’s resource development and ownership, marketing and asset management skills with the operating and technical mining skills of Thiess, to provide a framework for the identification, development and operation of future Portman projects.

"We are delighted to welcome Martin to Portman’s Board following the announcement in June this year of a strategic alliance with Thiess which we believe will open up an enormous number of opportunities for both companies," said Portman’s Chairman, Mr. George Jones.

"Martin brings unparalleled international experience in the resources, construction and engineering industries and will make an invaluable contribution to Portman as we move into our next important growth phase," he added.

Mr. Albrecht said Thiess’ strategic alliance with Portman was a reflection of the mutual respect and trust between the companies which had built up over several years through their very successful relationship at the Burton Coal Project in Queensland.

"We see this strengthening of our relationship by taking a direct interest in Portman as an opportunity to replicate on a broader scale what we have already done at Burton," he said.

"Portman is a company with high quality management and a focus that was very compatible with our way of doing business," Mr. Albrecht said. "We see our investment in Portman as being a catalyst to broaden its capital base and use that as leverage to look at other opportunities."

"We bring skills in project definition and studies and an ability to bring bankable certainty to projects, while Portman brings an outstanding base of skills as resource asset managers and marketers," he added.

Portman’s alliance with Thiess also links it with a much bigger international group through its parent, Leighton Holdings Limited – Australia’s largest contracting and project development group.

In Australia, Thiess has a diverse range of interests nationally and provides a range of services ranging from mining through to contracting, civil construction, environmental, facilities maintenance and asset management. It also has extensive international interests in Indonesia, Asia and is now entering the South American market.

Before joining Thiess Contractors in 1984, Mr. Albrecht spent eight years working in North America with various heavy civil engineering and construction companies.

- ENDS –

Released by:
Nicholas Read
Jan Hope & Partners
Telephone: (08) 9388 1474

On behalf of:
Mr George Jones
Chairman
Portman Mining Limited
Telephone: (08) 9426 3333