Territory loads first iron ore boat

08 October 2007 | 06:56 Code : 15558 Geoscience events
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Territory Resources loaded its milestone maiden shipment of 65,000 tonnes of....

  Territory Resources loaded its milestone maiden shipment of 65,000 tonnes of high grade iron ore from the Port of Darwin to China.The occasion was marked by a ceremony at the DarwinPort, with a ribbon cutting by the Honorable Clare Martin MLA, Chief Minister for the Northern Territory. At the event to witness the loading, Territory Resources Chairman Michael Kiernan said “This is a major milestone – not only for Territory Resources and our shareholders, but for the Northern Territory itself.“Territory Resources started out life as a small organisation, with a vision for the FrancesCreek iron ore project. In just two years since listing on the ASX, the company has moved into production and, this week, become Australia’s newest iron ore exporter.”The cargo is marketed by the Noble Group of Hong Kong, which have a life-of-mine off-take agreement for the FrancesCreek project.“This will be the first of many shipments for Territory, with 4 cargos planned until year’s end and initial annual production being 1.5 million tonnes,” Mr Kiernan said.Mr Kiernan said the great advantage for Frances Creek is access to quality infrastructure of the Adelaide to Darwin rail line and the world class ship loading facility at Darwin.“Darwin is the gateway to Asia as the closest Australian mainland port to major markets such as China, and offers freight and logistics advantages,” he said. “This is a great credit to the Northern Territory Government, which has invested some $25 million to build the ship loading facility, and which will undoubtedly pave the way for the opening of further development throughout the Northern Territory,” he added. Mr Kiernan said Territory Resources has invested $10 million in unloading, storage and conveyor facilities at the port, with capacity to store some 250,000 tonnes of iron ore. “It is our view the DarwinPort will become a growth port for Australia, being the closest mainland port to China,” Mr Kiernan said.

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