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New owners take control of Paradise



Phosphate International has completed acquisition of the Paradise phosphate project near Mount Isa, with plans for a mining operation creating more than 200 jobs.

Following on from a 12-month process of due diligence and the production of revised feasibility studies, Phosphate International chairman John Cotter said he was very confident the project was viable.

“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 phosphate rock which will ultimately be exported to markets in South East Asia and be used to grow high-quality crops.

“The project will see the production of over 1 million tonnes per annum of phosphate rock and a further 300,000 tonnes per annum of high analysis organic phosphate rock and will contribute significantly to the local economy.”

The tenements were at the centre of a $1.7 billion-plus proposal by the ‘Diamond’ Joe Gutnick-led Legend International Holdings to develop phosphate mines and a Mount Isa-based fertiliser manufacturing complex.

The phosphate assets were frozen in August 2016 as part of a court action involving Indian fertiliser company IFFCO.

They include the Paradise South, Paradise North and D-Tree tenement packages.

Phosphate International already held three phosphate tenements at Barr Creek, adjacent to the Paradise North ground, with an inferred resource of 13Mt at 13 per cent P2O5.