The Australian has now picked up the...

The Australian has now picked up the story.


http://www.theaustralian.news.com.au/business/story/0,28124,25348635-36418,00.html

Territory's hunt for second mine
April 18, 2009
Article from: The Australian
TERRITORY Resources, 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," said Andrew Simpson, chairman of the Perth-based iron ore company.

"We need funding and lender support," he said.

Territory, 26.5 per cent owned by Hong Kong-based commodities supplier Noble, is seeking to boost output from its Francis Creek mine by 25 per cent this year.

"We're looking, both in terms of grassroots deposits and something that someone else might own that they've three-quarters proven but have run out of money," Mr Simpson said.

"We've got support out of Hong Kong and if we come up with the right project, within this town and overseas we would get the backing."

The stock rose 5 per cent to 20.5 cents yesterday.

The company expected to complete sales agreements with three Chinese mills within two months, Mr Simpson said.

The accords would cover sales of two million tonnes of iron ore over three years, and would be set at annual benchmark contract prices, he said.