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Exhibit 99(a)

				Portman Limited   ABN 22 007 871 892
27 August 2007				Level 11 The Quadrant 1 William Street Perth 6000 Western Australia GPO Box W2017 Perth, 6001 Tel:     61 8 9426 3333 Fax:    61 8 9426 3344

( 21 pages in total)

The Announcements Officer

Australian Stock Exchange (Sydney) Limited

Level 10

20 Bond Street

SYDNEY NSW 2001

Electronically Lodged        

Dear Sir

HALF YEARLY REPORT FOR THE PERIOD ENDED 30 JUNE 2007

Please find attached Portman’s Half Yearly report for the period ended 30 June 2007.

Yours faithfully

/s/ C. M. Rainsford

C M Rainsford

Company Secretary

PORTMAN LIMITED

		PORTMAN LIMITED   A.B.N. 22 007 871 892   HALF YEAR REPORT FOR THE HALF-YEAR ENDED 30 JUNE 2007

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PORTMAN LIMITED

A.B.N. 22 007 871 892

CORPORATE DIRECTORY

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PORTMAN LIMITED

A.B.N. 22 007 871 892

HIGHLIGHTS FOR THE HALF-YEAR ENDED 30 JUNE 2007

Results for announcement to the market

Iron Ore Division

Koolyanobbing Project -

Cockatoo Island Project -

Corporate

No dividend has been declared for the first half of 2007.

Outlook

The 2007 Australian average selling price of lump and fines ore is expected to be in line with 2006 as the increase in benchmark prices is offset by the stronger Australian dollar. Per-tonne unit production costs are anticipated to be approximately eight percent higher in 2007.

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Portman’s estimate of 2007 production is 8.4 million tonnes which includes 0.7 million from Cockatoo Island. Portman’s estimate of 2007 sales is 8.2 million tonnes of which 7.65 million tonnes relates to the Koolyanobbing operation.

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PORTMAN LIMITED

DIRECTORS’ REPORT

FOR THE HALF-YEAR ENDED 30 JUNE 2007

The directors of Portman Limited (“Portman” or “the Company”) submit herewith the financial report of Portman Limited and its subsidiaries (“the Consolidated Entity”) for the half-year ended 30 June 2007. In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:

(a)  Directors

The names of the directors of Portman Limited in office during or since the end of the half-year are:

Joseph A. Carrabba

Laurie Brlas

William R. Calfee

Donald J. Gallagher

David H. Gunning

Malcolm H. Macpherson

Richard R. Mehan

Michael D. Perrott

All directors held office throughout the period except for Laurie Brlas who was appointed on 6 April 2007.

(b) Auditor’s Independence Declaration

The auditor’s independence declaration is included on page 9.

(c) Review of operations

Iron Ore Division

Koolyanobbing Project

Operations January - June 2007

A new optimal product and associated mine plan schedule has been recently established. Mining ore and waste over the second quarter has been in accordance with that plan.

Computerised modelling of the rail and port network has commenced. The optimal results from the completed simulation exercise are being incorporated into the management plan for this vital area. Portman and the rail operations/owners are working closely together to minimise the effect of rail and track bed upgrades in the near future.

Optimisation work on the crushing and screening plant continues. The plant is capable of throughout in excess of 8 Mtpa.

Production and shipments for the half-year were as follows:

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PORTMAN LIMITED

DIRECTORS’ REPORT

FOR THE HALF-YEAR ENDED 30 JUNE 2007

Cockatoo Island Joint Venture

Operations January - June 2007

Mining has recovered due to lower rainfall.

Good progress has been achieved in harvesting additional reserves during the mining process.

Environmental remediation is expected to commence in the third quarter of 2007.

Production and shipments for the half-year were as follows:

All figures shown above are quoted in 100% terms. Portman has a 50% ownership interest in the Cockatoo Island Joint Venture.

Exploration

Drilling during the six month period was an even mix of both resource and prospect drilling. Resource drilling focussed on upgrading currently defined inferred material at Koolyanobbing (B, C and D) and Windarling (W1). Prospect testing of outcropping mineralisation was completed at Diemals, Koolyanobbing (G) and Windarling (W2, W5 and W9). Drilling was also completed within K pit to assist with pit slope studies and wall design. A summary of drilling activity is as follows:

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PORTMAN LIMITED

DIRECTORS’ REPORT

FOR THE HALF-YEAR ENDED 30 JUNE 2007

Koolyanobbing Project Area

Highlights of analytical results received during the reporting period include the following significant intercepts:

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PORTMAN LIMITED

DIRECTORS’ REPORT

FOR THE HALF-YEAR ENDED 30 JUNE 2007

B Deposit - Drilling was targeted on deeper parts of the resource to increase the level of confidence. Drilling was completed during the quarter but assays have not yet been received.

B Deposit North - Drilling was designed to test a conceptual target north of the current pit. No significant mineralisation was intersected.

C Prospect - Drilling was designed to test for continuity between structurally complex mineralised zones and thereby improve the geological resource model. It is planned to incorporate this drilling into a revised resource estimate during the second quarter of 2007.

D Prospect - Drilling was designed to test for a northern extension to this deposit. A number of significant mineralised intersections were obtained beneath the base of the existing Pit. It is doubtful given restricted strike length of mineralisation, that this could be economically extracted.

G Prospect - Drilling was designed to test the extent of mineralisation under shallow cover intersected by earlier drilling. No significant mineralisation was intersected.

Mt Finnerty FIN7 - Drilling was designed to test depth extensions of surface enriched iron formation within the Mt Finnerty JV area 60 kilometres east of Koolyanobbing. Only weak iron enrichment was intersected and no further work is planned on this prospect.

K Deposit North - Drilling during the quarter was targeted on outcropping mineralisation at the northern end of K Pit. Only 3 holes were completed to planned depth because of drilling problems in unconsolidated fill.

Bungalbin Iron Ore Agreement

J5 Prospect - Final results from the 2006 resource drilling programme were received during the quarter. Intercepts below were not included in the recently announced resource.

J4 Prospect - Drilling results were received for the drilling programme completed during 2006 over the eastern one third of the prospect. These have not yet been incorporated into a resource estimate.

Windarling

W1 Prospect - Drilling was carried out to increase confidence in deeper parts of the resource. All assays have been received and significant intercepts have been listed below. It is planned to revise the resource model during the third quarter of 2007.

W9 Prospect - Drilling was targeted on an outcropping mineralised pod located between W1 and W2. Drilling intersected relatively narrow tabular zones of mineralisation. Better intercepts are listed below.

W2 West Prospect - Drilling was designed to test for extensions to mineralisation outside the current open pit. Only one significantly mineralised intercept was achieved which is correlated with discontinuous hanging wall lodes intersected in the open pit. Adjacent holes both along strike and down dip were not significantly mineralised and no further work is proposed on this lode.

W5 South - Drilling was designed to test a mineralised zone in a soil covered area which was exposed by road construction. No significant mineralisation was intersected. Additional ground surveys and drilling are planned to test potential along strike.

Diemals Exploration Licence

Diemals - Drilling was designed to test a series of relatively isolated iron enriched targets in an area of poorly outcropping BIF and greenstone. Assays are outstanding for this programme.

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PORTMAN LIMITED

DIRECTORS’ REPORT

FOR THE HALF-YEAR ENDED 30 JUNE 2007

Mt. Finnerty Project Area

During the half year Portman earned 80% iron ore rights to the project area. Reed Resources elected to retain their 20% interest.

Cockatoo Island Joint Venture

No exploration was carried out during the first six months of 2007. Feasibility work on stage 3 is ongoing.

Corporate

No dividend has been declared for the first half of 2007.

(d) Rounding of amounts to nearest thousand dollars

The Consolidated Entity is of the kind specified in Australian Securities and Investments Commission Class Order 98/0100 dated 10 July 1998, and in accordance with that Class Order amounts in the directors’ report and the half-year financial report are rounded off to the nearest thousand dollars unless otherwise indicated.

Signed in accordance with a resolution of directors made pursuant to s.306(3) of the Corporations Act 2001.

On behalf of the Directors

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24 August 2007

Dear Board Members

Portman Limited

In accordance with section 307C of the Corporations Act 2001, I am pleased to provide the following declaration of independence to the directors of Portman Limited.

As lead audit partner for the review of the financial statements of Portman Limited for the half-year ended 30 June 2007, I declare that to the best of my knowledge and belief, there have been no contraventions of:

Yours sincerely

  /s/ Deloitte Touche Tohmatsu

DELOITTE TOUCHE TOHMATSU

  /s/ AT Richards

AT Richards

Partner

Chartered Accountants

Liability limited by a scheme approved under Professional Standards Legislation.

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We have reviewed the accompanying half-year financial report of Portman Limited, which comprises the balance sheet as at 30 June 2007, and the income statement, cash flow statement, statement of changes in equity for the half-year ended on that date, selected explanatory notes and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the end of the half-year or from time to time during the half-year.

Directors’ Responsibility for the Half-Year Financial Report

The directors of the company are responsible for the preparation and fair presentation of the half-year financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes establishing and maintaining internal control relevant to the preparation and fair presentation of the half-year financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of an Interim Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 30 June 2007 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Portman Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Auditor’s Independence Declaration

In conducting our review, we have complied with the independence requirements of the corporations Act 2001.

Liability limited by a scheme approved under Professional Standards Legislation.

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Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Portman Limited is not in accordance with the Corporations Act 2001, including:

  /s/ Deloitte Touche Tohmatsu

DELOITTE TOUCHE TOHMATSU

  /s/ AT Richards

AT Richards

Partner

Chartered Accountants

Perth, 24 August 2007

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PORTMAN LIMITED

DIRECTORS’ DECLARATION

FOR THE HALF-YEAR ENDED 30 JUNE 2007

The directors declare that:

Signed in accordance with a resolution of the directors, made pursuant to s 303(5) of the Corporations Act 2001.

On behalf of the Directors

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PORTMAN LIMITED

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE HALF-YEAR ENDED 30 JUNE 2007

Notes to the financial statements are included on pages 17 to 19.

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PORTMAN LIMITED

CONDENSED CONSOLIDATED BALANCE SHEET

AS AT 30 JUNE 2007

Notes to the financial statements are included on pages 17 to 19.

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PORTMAN LIMITED

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE HALF-YEAR ENDED 30 JUNE 2007

Notes to the financial statements are included on pages 17 to 19.

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PORTMAN LIMITED

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

FOR THE HALF-YEAR ENDED 30 JUNE 2007

* Maturities exceeding 90 days

Notes to the financial statements are included on pages 17 to 19.

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Note 1. Significant accounting policies

Statement of compliance

The condensed half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 ‘Interim Financial Reporting’. Compliance with AASB 134 ensures compliance with International Reporting Standard IAS 34 ‘Interim Financial Reporting’. The half-year financial report does not include notes of the type normally included in an annual financial report and shall be read in conjunction with the most recent annual financial report.

Basis of preparation of half-year report

The condensed half-year financial report has been prepared on the basis of historical cost except for the revaluation of certain financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. Except where indicated otherwise, all amounts are presented in Australia dollars.

The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those of the previous financial year and corresponding interim reporting period.

Adoption of new and revised Accounting Standards

In the current year, the Consolidated Entity has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting Standards Board (the AASB) that are relevant to its operations and effective for annual reporting periods beginning on or after 1 January 2007. The adoption of these new and revised Standards and Interpretations has resulted in changes to the Consolidated Entity’s policies in the following areas that have affected the amounts reported for the current or prior years:

The adoption of these new and revised Standards and Interpretations has also resulted in a change to the Group’s accounting policies in relation to business combinations involving entities under common control.

Note 2. Profit from Ordinary Activities

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Note 2. Profit from Ordinary Activities (continued)

Note 3.  Dividends

No dividends were declared in the current and prior period.

Note 4.  Contingencies

1. In July 2007 Portman was notified that its exploration and mining rights under two leases originally granted by Polaris Metals NL (Polaris) in 1999 would not be extended beyond 3 July 2007. The mining leases permit Portman to explore for and mine iron ore on mining tenements north of Portman’s Koolyanobbing operations, including the rights to 4.5 million tonnes of iron ore resources. Portman has advised Polaris that it does not agree that its rights have ceased, or that Polaris is entitled to ownership of the two mining leases. At this point in time it is not possible to assess the impact of the potential loss of the reserves on Portman’s operations.

2. In May 2007 Western Australia’s Environmental Protection Authority (“EPA”) published a study in which it recommended the establishment of “A class reserves” for the protection of certain allegedly environmentally sensitive areas of Western Australia. Some of the proposed A class reserves overlap with mining tenements granted to Portman (the “Overlapping Areas”). The EPA study has been submitted to the Minister for the Environment and Heritage.

Portman originally received governmental approval to mine in the Overlapping Areas in June 2003. Since that time, Portman has met all applicable environmental requirements. Although we are currently reviewing the study and the effects of the designation of the Overlapping Areas as A class reserves, such categorisation would be likely to have a material effect on Portman’s operations. It is unknown at this time whether the Minister for the Environment and Heritage will accept the recommendations of the EPA. Portman is currently in dialogue with Government in regards to this issue.

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Note 5. Subsequent Events

At 13 August 2007 the Portman Iron Ore Ltd signed a Deed of Release for $650 thousand with Australian Western Railroad Pty Ltd (“AWR”), a subsidiary of the Australian Railroad Group (“ARG”), to settle the claim against AWR for damage to a rotary car dumper.

Note 6. Segment Information

(a)  Business Segment

The Consolidated Entity operates in one business segment - iron ore mining and exploration.

(b)  Geographic Segment

The Consolidated Entity operates in one geographic segment - Australia.

Note 7.  Joint Venture

The Consolidated Entity has a 50% joint venture interest in the Cockatoo Iron Ore Joint Venture. The Consolidated Entity’s share of the results of this joint venture has been included in the Income Statement to 30 June 2007.

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