South African diversified miner Exxaro aims to produce ten-million tons of iron-ore a year over the next five to ten years, CEO Sipho Nkosi said last week, as the company announced a A$123-million takeover offer for Australia's Territory Resources. Territory is the owner and operator of the Frances Creek mine, in the Northern Territory of Australia, which produces between 1,6-million tons and 1,8-million tons a year of direct shipping ore. The company also owns rights to iron-ore tenements in the vicinity of Frances Creek. At current production levels, the mine has a life of about three years, with near-mine potential of another two to three years, said Exxaro business growth GM Ernst Venter.
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