Financial terms of the lease were not released, however in 2008, a subsidiary of Polaris purchased a separate 12.4 acre site within the Port of Long Beach for just more than $15 million to use for importing sand and gravel.
The 8.3-acre D-44 facility is located on one of the port's deepwater channels and is currently permitted to receive and distribute up to 3 million tons of construction aggregates per year. Polaris has said it 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. Polaris also exports aggregate material from its Orca Quarry to port facilities in San Francisco, Vancouver and Hawaii.
Permitting and development of the D-44 terminal are expected to take about two years with first deliveries from the Orca Quarry expected to arrive by the end of 2012.
"We are delighted to have secured access to this permitted marine aggregate terminal within the Port of Long Beach. The terminal will serve the highly populated Los Angeles market area which has always been a key target in our strategic plans. Berth D-44 will require much lower capital investment for development than the [12.4-acre] Pier B site and offers lower operating costs. As a consequence, we commenced the marketing of the Pier B site during the second quarter of 2010 and are encouraged by the significant interest received to date," said Polaris President and CEO Herb Wilson.
The two Long Beach Polaris 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.
Showing posts with label Polaris Minerals. Show all posts
Showing posts with label Polaris Minerals. Show all posts
Tuesday, July 6, 2010
Thursday, November 12, 2009
Polaris SoCal Terminal Development to Continue
Canadian aggregate firm Polaris Minerals, which has been trying to develop a sand and gravel terminal at the Port of Long Beach, reported Monday that a continuing decline in construction demand through all areas served by Polaris had resulted in a 50 percent drop in revenue during the third quarter and a 38 percent drop in revenue for the first nine months of the year.
Polaris, based in British Columbia and one of the largest aggregate firms on the West Coast, reported third-quarter revenues of $4.52 million, off 50 percent from the year-ago period. Revenue for the first nine months of the year fell to $13.66 million, off 38 percent compared to the same period in 2008.
During the third quarter, the publicly traded Polaris reported a net loss of $5.23 million compared with a net loss of $3.24 million during the third quarter of 2008. The firm also reported a net loss $9.96 million during the first nine months of the year compared with a net loss of $7.63 million in the same period a year ago.
As of Sept. 30, 2009, the firm reported working capital of $11.2 million (including cash of $5.9 million) and no long-term debt.
Polaris CEO Herb Wilson said that the firm expects to see a turnaround by 2010, with an acceleration thereafter.
"As a consequence, we have continued to pursue terminal developments," said Wilson. "In the Port of Long Beach, we have entered into a nine month option to lease an existing marine aggregates terminal in the port and have commenced due diligence. This site, which is permitted for 3 million tons per year throughput, offers the potential for an early and low cost entry into the greater Los Angeles market. At the successful conclusion of due diligence, the company intends to proceed with the sale of the [port's] Pier B land acquired in 2008."
Wilson added that an additional terminal development at the Port of San Diego is also moving forward.
Polaris, based in British Columbia and one of the largest aggregate firms on the West Coast, reported third-quarter revenues of $4.52 million, off 50 percent from the year-ago period. Revenue for the first nine months of the year fell to $13.66 million, off 38 percent compared to the same period in 2008.
During the third quarter, the publicly traded Polaris reported a net loss of $5.23 million compared with a net loss of $3.24 million during the third quarter of 2008. The firm also reported a net loss $9.96 million during the first nine months of the year compared with a net loss of $7.63 million in the same period a year ago.
As of Sept. 30, 2009, the firm reported working capital of $11.2 million (including cash of $5.9 million) and no long-term debt.
Polaris CEO Herb Wilson said that the firm expects to see a turnaround by 2010, with an acceleration thereafter.
"As a consequence, we have continued to pursue terminal developments," said Wilson. "In the Port of Long Beach, we have entered into a nine month option to lease an existing marine aggregates terminal in the port and have commenced due diligence. This site, which is permitted for 3 million tons per year throughput, offers the potential for an early and low cost entry into the greater Los Angeles market. At the successful conclusion of due diligence, the company intends to proceed with the sale of the [port's] Pier B land acquired in 2008."
Wilson added that an additional terminal development at the Port of San Diego is also moving forward.
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.
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.
