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Polaris Leases Calif. Aggregate Terminal


Polaris Minerals has entered into a lease with L.G. Everist for Berth D-44 in the Port of Long Beach, Calif., with an initial term of five years and three additional five-year extension options

Polaris Minerals has entered into a lease with L.G. Everist for Berth D-44 in the Port of Long Beach, Calif., with an initial term of five years and three additional five-year extension options, exercisable by Polaris, which would extend the tenure to June 30, 2030.

The 8.3-acre terminal has an existing entitlement for a throughput of 3 million tons per year, and Polaris is now focused on securing the permit changes required to enable materials to be delivered by Panamax vessels. The terminal, adjacent to a deep-water channel, has highway access to the nearby Interstate 710 and is suitably placed for sales into the Los Angeles market.

First deliveries to the terminal from the Orca Quarry are anticipated towards the end of 2012, reflecting the time required for permitting and equipment installation. This development timetable is expected to coincide with the industryís anticipated improvement in market demand.

As a consequence of securing this lease, Polaris, with its Strategic Alliance partner, is marketing the 12.4-acre freehold site that the company purchased in 2008 on Pier B in the same port.