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U.S. markets recover from steep losses

ADELAIDE, Australia, Jan. 5 (UPI) -- The government of South Australia believes the planned Sheep Hill deepwater port will become a major minerals export site and is speeding up its development.
The $445 million project at Sheep Hill, between Tumby Bay and Port Neill, is expected to become an export site for grains and minerals from the region.
Premier Mike Rann told the Australian Broadcasting Corp. granting the project major development status will ensure environmental concerns are assessed.
"The Eyre Peninsula needs a specialized deepwater port with a terminal and storage facilities if we are going to unlock the enormous mining welfare for exports for the future," Rann said.
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