Territory lifts Olympia stake to 19.7%

Michael Kiernan's Territory Resources Ltd has firmly put its foot on mineral sands company Olympia Resources Ltd by lifting its stake from 14.0 per cent to 19.7 per cent.

Territory's strategy is to be a diversified carbon steel material producer, and is aiming to be a $2.5 billion carbon steel supply business.

Territory recently became a major shareholder in multi-commodity explorer Northern Mining Ltd, acquiring 15.7 per cent of the company's issued capital.

Last month it acquired almost 14 per cent of the issued capital of minerals sands explorer Olympia Resources Ltd.