North West Phosphate is in the final stages of the $300m capital raise for their Paradise South mine.
The money raised is set to be used to build a wash plant to help make a high grade phosphate concentrate.
The company, currently has three mining leases in the Mt Isa area, D Tree, Paradise North and the soon to be built Paradise South.
Managing director of North West Phosphate, John Cotter, said, "Each one of those is permitted for a million tonnes a year, and we are focusing on the first million out of paradise south."
Paradise south is set to be built in Q2 of next year, and it will bring along hundreds of jobs with it.
"Based on what resources we have in the first stage, we will have about 40 to 50 years of mine life, and create around 400 jobs in construction and 200 jobs in operation," Mr Cotter said.
North West Phosphate has a supply agreement with customers in New Zealand and Indonesia, as well as a 45-year sale agreement to a local company.
Mt Isa will see the economic benefits of this.
"There is an economic benefit for the Mt Isa community with an economic uplift of 2.5. For every $1 we spend, there is an economic input into the community of $2.50."
To find out more about North West Phosphate's upcoming project, head to their briefing on October 11.
It will be held at the Ibis Styles, Mt Isa, between 9am to 11am.
For more information visit: https://www.nwphos.com
