By Jesse Riseborough and Shani RajaApril 17 (Bloomberg) --...

By Jesse Riseborough and Shani Raja

April 17 (Bloomberg) -- Territory Resources Ltd., an Australian iron-ore producer backed by Noble Group Ltd., is studying the acquisition of a second mine to supply steel mills in China, the world’s biggest user of the material.

“We have a vision to acquire a second mine,” Andrew Simpson, chairman of the Perth-based company, said in an interview, adding the company is reviewing possible opportunities. “We need funding and lender support.”

Territory, 26.5 percent owned by Hong Kong-based commodities supplier Noble, is seeking to boost output from its Francis Creek mine by 25 percent this year. OZ Minerals Ltd. said yesterday the drop in economic growth rates in China is close to bottoming.

Maybe extention to do with aquireing more funding for second mine as stated in article?