Thursday, October 8, 2009

Canadian Firm Looks at Second LB Terminal

British Columbia-based Polaris Minerals Corporation announced Wednesday that it has secured an option to secure an existing privately-held 8.3-acre marine aggregate terminal located within the Port of Long Beach.

The facility, located on one of the port's deepwater channels, is currently permitted to receive and distribute up to 3 million tons of construction aggregates per year.

The option extends to June 30, 2010, during which Polaris will carry out due diligence reviews of the property. Polaris plans to use Panamax vessels to deliver sand and gravel to the Long Beach site from Polaris's Orca Quarry situated on Vancouver Island, British Columbia.

In 2008, a subsidiary of Polaris purchased a 12.4 acre site within the Port of Long Beach for just more than $15 million to use for importing sand and gravel, and will move forward with the purchase. The site, to be operated by the Polaris joint venture company Cemera Long Beach LLC, is currently undergoing permitting review.

Polaris also exports aggregate material from its Orca Quarry to San Francisco, Vancouver and Hawaii.

The two Long Beach sites sit within the Port of Long Beach boundaries but are not controlled by the municipally governed port authority. The sites are two of only a handful of privately-owned plots within the jurisdiction of the City of Long Beach's Harbor Department. Like all commercial ports in California, the Long Beach port is owned by the state and operated by the city under trust.