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    From ABC news nt


    China to hold up Frances Creek mine
    Posted 4 hours 42 minutes ago
    Updated 4 hours 22 minutes ago


    Territory Resources is pushing ahead with its expansion of the Frances Creek mine. (Sarah Hawke)
    The operator of the Frances Creek mine, 200 km south of Darwin, says it will push on with exploration plans next year despite a drop in iron ore prices.

    Territory Resources says it is continuing to fill shipments for China through the Port of Darwin.

    The company plans to spend $8.5 million on exploring prospects around Frances Creek.

    Territory Resources chairman, Andrew Simpson says while the short term market is tough, China is continuing to grow.

    "Obviously we're getting a lot reports of consumption cut backs in China, in the steel industry but with all the commodities the reality is, as far I can read of the situation, the production cuts back are now happening faster than the declining consumption," he said.

    Mr Simpson is in China as the company pushes for long-term contracts.

    "It hasn't affected our operation at all, we're still operating at maximum capacity. In fact we're still trying to ramp up to our stated target of an annulated level of 2-million tonnes by December and 2.5 million tonnes by July next year and we're on track to do that."

    Barramun

 
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