Directorate Change

RNS Number:4062T
Portman Ld
18 December 2003

                                                 Portman
                                                 Limited

                                                 ACN 007 871 892
                                                 ABN 22 007 871 892

                                                 Level 11
                                                 The Quadrant
                                                 1 William Street
                                                 Perth,  6000
                                                 Western Australia
                                                 GPO Box W2017
                                                 Perth, 6001


18 DECEMBER 2003                                 Tel:   [phone]
                                                 Fax:   [phone]

                                 Media Release



PORTMAN ANNOUNCES BOARD APPOINTMENTS

Portman Limited (ASX: PMM) is pleased to announce the appointment of Ms Fiona
Harris and Mr Malcolm Macpherson to the Company's Board of Directors with effect
from today (Thursday 18 December 2003).

Fiona Harris is a professional non-executive director.  Previously she spent 14
years with the international chartered accounting firm, KPMG in Perth, San
Francisco and Sydney.  She is a director of Alinta Limited, Burswood Limited and
former Chairman of the Government Employees Superannuation Board. She is also a
State Councillor of the Australian Institute of Company Directors.

Malcolm Macpherson has extensive experience in the resources industry in Western
Australia and was previously Managing Director and Chief Executive of Iluka
Resources Limited.  He was President of the Chamber of Minerals and Energy from
1990 - 1994 and is currently Chairman of Western Power Corporation, a director
of Minara Resources Limited and a State Councillor of the Australian Institute
of Company Directors.

Portman's Chairman, Mr George Jones said the new appointments would assist the
Company in its key focus of progressing with its next growth phase, while
continuing to realize the full potential of its West Australian iron ore assets.
"The appointments follow the recent resignation of Mr Martin Albrecht and will
considerably broaden the depth of expertise and industry knowledge already
present at board level in Portman" he added.

The Portman Board of Directors will now consist of six directors - Mr George
Jones - Non-Executive Chairman, Mr Barry Eldridge - Managing Director, Mr
Richard Knight, Mr Michael Perrott, Mr Malcolm Macpherson and Ms Fiona Harris.


RELEASED BY:                                  ON BEHALF OF:
Jan Hope / Nicholas Read                      George Jones, Chairman
Jan Hope & Partners                           Portman Limited
Telephone [phone]                   Telephone [phone]
                                              www.portman.com.au


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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