Brisbane-based Phosphate International say they have completed the acquisition of the $250m Paradise Phosphate project near Mount Isa`following on from a 12 month due diligence process and revised feasibility studies.
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The project located 135km north-west of Mount Isa, was put up for sale following the liquidation of its owner Paradise Phosphate (formerly Legend International) in 2020.
Phosphate International Chairman John Cotter said he was confident the project was viable and was looking forward to progressing the project to eventually bring it to market.
"We are pleased with the oversubscription to the company in order to complete the acquisition and are very proud that Phosphate International is now the largest holder of reserves of phosphate in Australia," Mr Cotter said.
"Currently, we are confirming offtake arrangements for our high analysis organic phosphate rock which will ultimately be exported to markets in South East Asia and be used to grow high quality crops."
Mr Cotter said the project would see the production of over one million tonnes of high analysis organic phosphate rock and will contribute significantly to the local economy.
"Our project will create over 100 jobs and further cement the region as a key minerals province delivering food security for Australia and overseas," he said.
According to the Queensland government, the open-cut pit mine will yield up to seven million tonnes a year of run-of-mine phosphate bearing ore with an expected life of 21 years.
In August 2016, then Legend International-phosphate assets were frozen following a court action that involved Indian Farmers Fertilizer Cooperative Limited.
Legend International sought bankruptcy protection in the US to handle the legal losses.
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Derek Barry
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
Editor of the North West Star Mount Isa since January 2016. Prior to that, an editor at several regional southern Queensland newspapers. Passionate about telling local stories. Comes with a strange accent to due an Irish accident of birth.
