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Progress Report on Ausmelt/Zinifex Zinc-Bearing Primary Residues Agreement

Dec 13 2006

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On 16 October 2006 Ausmelt announced that it had signed a Memorandum of Understanding (MOU) with Zinifex Limited for the toll processing of zinc-bearing primary leach residues (PLR) from Zinifex’s zinc production operations in Risdon, Tasmania for a two-year period with renewal options.

Since then, Ausmelt and Zinifex have been conducting their own feasibility studies to confirm the attractiveness of the proposed toll processing arrangements.

These studies are continuing and if the findings are favourable, definitive toll processing contracts could be executed in the first quarter of 2007.

Shareholders would also be aware that, on 12 December 2006, Zinifex and Umicore announced that they have agreed to spin off their smelting and alloying businesses into a new company that will become the world's largest producer of zinc metal.

Zinifex has advised Ausmelt that this most recent announcement should not have any material effect on the progress or timing of the Whyalla Zinc project.

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