A subsidiary of Vancouver's Polaris Minerals Corp. (TSX:PLS) has bought 12.6 acres of land within the Port of Long Beach, California, for an undisclosed sum.
The site acquired by Eagle Rock Aggregates Inc. is close to a local California highway, which will make it well suited to receive sand and gravel aggregates from Polaris' Orca quarry on Vancouver Island.
Pending completion of the property deal, the company will develop a major construction aggregate storage and distribution terminal, which is a key part of its plan to provide aggregates to the Los Angeles market.
In 2007, Polaris began shipping sand and gravel from its Vancouver Island quarry to destinations in San Francisco, Vancouver and Hawaii.
Polaris' share price range during the past week: between $10.25 and $10.60; 52-week high: $15.10; 52-week low: $6.75.