Great announcement today yet only a subdued response from market. Probably more to do with current US concerns. Interesting to see Mt. Gibson had a rise of .10c on a turnover of 3.5 million shares on absolutely no news, where's the logic in that?
THIS FROM THE WEST AUSTRALIAN.
Territory in talks to boost Darwin port capacity 9th January 2008, 15:30 WST
Michael Kiernan’s flagship company Territory Resources is seeking to more than triple storage capacity at the Darwin port to help it increase shipments to steelmakers in China. Territory is negotiating with the Darwin Port Corporation for the acquisition of additional space to stockpile up to 1.25 million tonnes of product to accommodate the company’s ongoing ramp-up in iron ore production from its flagship Frances Creek mine.
Mr Kiernan said Territory was working to expand capacity and loading efficiency at port, in consultation with the DPC and Northern Territory Government.
“This will ... provide more flexibility for railing and shipping schedules,” Mr Kiernan said.
Territory plans to produce at a rate of two million tonnes per annum by June and is targeting three million tonnes per annum by December.
Its first shipment left Darwin for Asian markets in October and by the end of December, Territory had exported 340,000 tonnes of iron ore via five shipments.
It is investigating overland conveying systems, which would increase productivity and significantly reduce operating costs.
“Further improvements could also be gained from possible dredging works at the Port of Darwin, which will allow larger vessels to load at Darwin and provide additional freight advantages,” Mr Kiernan said.
Territory shares rose as much as 4.5 cents, or 3.6 per cent, to $1.30 - and were trading at $1.27 at 1.28pm on the Australian Stock Exchange.
MELBOURNE
TTY Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
