11:51 AM EST - Cardero Resource Corp. : and Ridley Terminals Inc. announce today that they have reached agreement on terms for the shipment of metallurgical coal from Cardero's Carbon Creek deposit in British Columbia. The agreement has a 15-year term from January 1, 2014 to December 31, 2028, with provision to extend the term by three years to December 31, 2031. Contract volume is set at 500,000 tonnes per annum ("tpa") through 2014, increasing to 900,000 tpa in 2015. The agreement is subject to Ridley Terminals receiving Federal Government approval for addition of a fourth stacker/reclaimer that will increase capacity from 24 Mtpa to 30 Mtpa. Approval is expected in 2012. Cardero Resource Corp.
shares T.CDU are trading up $0.02 at $0.76.
