The Chinese company that purchased a 99-year lease to operate the Port of Darwin in Australia's Northern Territory announced on Tuesday an $18 million expansion of its operations, just months after taking control of the port.

Landbridge Group, owned by Chinese billionaire Ye Cheng, said it will expand in Darwin.

The development will "expand cruise ship facilities" and prepare to "meet future increases in cargo volumes in the areas of dry bulk exports, liquid bulk imports, live cattle and container and general cargo throughput," the company said in a statement.

Darwin Port Chief Executive Officer Terry O'Connor said the plan will eventually "quadruple the size of the existing container yard."

Northern Territory Chief Minister Adam Giles told the Australian Broadcasting Corp on Tuesday that he welcomes Landbridge's plan as it will increase capacity for cruise and cargo routes coming into Australia's far north.

Giles said Landbridge's plan will also provide a major boost for tourism in the region, allowing the government to show off little-known attractions such as the Kakadu National Park.

"To expand the cruise ship terminal to be able to take two cruise ships ... to see a new terminal itself, the dredging that'll go on, these are big investments in tourism, which government could never, ever afford to do," Giles said.

Landbridge signed the 99-year lease on the port in October 2015.