The Australian resources group Territory Resources has announced the completion of the marketing and pricing arrangements for its first iron ore shipment from Frances Creek mine in the Northern Territory.
Under the terms of the life-of-mine sales and marketing agreement signed with global trading company Noble Group, this company will purchase all production from Territory's Frances Creek, on either quarterly or annual bases depending on the market conditions.
Territory has agreed a price of $75/mt FOB Darwin (basis 61.5 percent Fe) for its first expected iron ore shipment to China in September.