Inspecting the product on the Orca conveyor
POLARIS MATERIALS CORPORATION's construction aggregates interests consist of an 88% ownership in the Orca Sand and Gravel Quarry, a 70% ownership in the Richmond Terminal in California, which receives and distributes the Orca products, and a 70% ownership in the Eagle Rock Quarry Project. In addition, the Company has certain rights to property in the Port of Long Beach, CA, which it intends to develop in the future as a receiving terminal in order to access the Los Angeles area market.
In February 2007, Orca Sand & Gravel Ltd. completed construction of the Orca Quarry with a capacity of 6.6 million tons per year. The Orca Quarry is located near Port McNeill, BC, and has a dedicated ship loading facility capable of loading Panamax vessels with a capacity of approximately 80,000 tons. The 12% minority ownership is a participating interest held by the 'Namgis First Nation.
In 2008, Polaris formed a strategic alliance with Cemex USA Inc., a major international construction materials company. The alliance established Polaris as the exclusive supplier of marine-transported aggregates to Cemex in northern California and in turn, Cemex became the exclusive distributor for Orca Quarry products in northern California except in four counties reserved under an alternate agreement. Another objective of the alliance is that Cemex and Polaris will partner in seeking the development of new port terminals within the three states of California, Washington and Oregon.
Polaris has secured marine transportation under a 20-year shipping agreement with CSL International Inc., operator of the world's largest self-discharging fleet of bulk carriers.
Polaris also owns 70% of the proposed Eagle Rock Quarry, a very large, permitted, high quality granite resource located near Port Alberni, BC, which the Company expects to develop in the future when market conditions allow. The 30% minority interest in Eagle Rock Materials Ltd., the subsidiary company that owns the rights to the project, is equally divided between the Hupacasath and Ucluelet First Nations with a third of this interest held in trust pending a participation decision by an additional First Nation local to the project.
Polaris' 70% ownership in the Richmond Terminal is held by Eagle Rock Aggregates, Inc., the Company's US marketing and distribution subsidiary. Construction of the Richmond Terminal was completed at the end of 2007.
Polaris commenced business in mid-2000 and was listed on the Toronto Stock Exchange in January 2006 following a successful Initial Public Offering. Full details of the Company's development, operations, corporate structure and finances can be found in the most recent Annual Information Form.
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