Shares in Australian resources group Territory Resources (TTY) rose on Wednesday after the company said it is successfully ramping up production and shipping from its Frances Creek mine in the Northern Territory.
The iron ore explorer exported 340,000 tonnes of high grade iron ore via five shipments from the Port of Darwin to China, following the sailing of its first shipment in September.
Territory Resources chairman Michael Kiernan said the company's operations were operating consistently and on schedule.
"Territory's shipping program has gathered steam, as we continue to ramp up production at Frances Creek and capitalise on the robust iron ore market," Kiernan said.
"The current mine plan is scheduled to produce at an annualised mining rate of 2 million tonnes per annum (mtpa) by June 2008 and is targeting 3mtpa by December 2008.
"We are continuing to lift rail and port capacity to drive further production increases, and deliver value to shareholders," he said.
Territory is working to expand capacity and loading efficiency at port, in consultation with the Darwin Port Corporation (DCP) and the Northern Territory Government.
Shares in TTY rose 3.19% or 4 cents to $1.295 at 12.37PM AEST.
