Northern Territory company plans to expand Top End iron mining operation.

A Northern Territory company has announced plans to expand its Top End iron mining operation, despite a continued fall in ore prices.

Territory Iron is seeking approval to construct three new pits at the Frances Creek mine site, near Pine Creek to boost ore production by 1.5 million tonnes over 18 months.

Iron fell below the USD 100 mark last night for the first time in nearly two years and is currently at USD 98.50, after slipping almost 30% since January.

Mr. Darren Gibcus operations manager at Territory Resources said that 'While the downward trend is worrying, the company plans to cut production costs to offset the decline. This expansion that we're looking at is a lot lower cost for us.'

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