Polaris Sets Fourth Quarter Record for Aggregates Shipments

Polaris Minerals Corp of Vancouver, BC reports that during the fourth quarter of 2013, its Orca quarry on Vancouver Island loaded 15 ships carrying in excess of one million tons, a new record for quarterly shipments. This compares to 2010 when the company loaded 18 ships through the full year and recorded sales of 1.28 million tons.

Herb Wilson, Polaris’ CEO, said, “”The level of shipments in the fourth quarter was further evidence of the continuing improvement in our principal U.S. markets as underlying sales increased compared with last year and inventories that had been drawn down during the third quarter of 2013 were replenished. We are very pleased that the newly amended shipping contract now reflects our business as it is today and provides an excellent framework for the future.

““The Long Beach area has a number of significant infrastructure projects salted and it is essential that our sand and gravel is available locally in order to compete for these opportunities. The company plans to develop the Long Beach terminal site in two phases as sales gradually increase, the financing for this development having been secured through last June’s equity issue.””

Polaris has begun placing initial orders for equipment to be used berthing vessels at its terminal site in the Port of Long Beach and anticipates bringing the first phase of this facility into operation around mid-2014. During December, 2013, the company and its exclusive shipping contractor agreed to amend the contract of affreightment for shipments to California to provide for the carriage of joint cargos with another BC shipper and to lower the annual commitment level.

GE Capital of Norwalk, CT has announced that it is serving as administrative agent on US$72.5 million of senior secured credit facilities to Permian Basin Materials LLC, a newly-formed affiliate of WL Ross & Co LLC. The facilities are being used to support the simultaneous acquisitions of Crockett County Mining Ltd, Highland Concrete Co, and Wallach Concrete Inc. The combined operations of Permian Basin Materials will be a leading producer of construction aggregates and concrete in west Texas and southeast New Mexico. In total the company will own or lease 10 aggregate mines and 16 ready-mix concrete plants in the region. WL Ross is a private equity firm with approximately US$9 billion of funds under management.

Volume 28 issue 1

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