$2bil phosphate project on track

Posted on 9/02/2010  

Mining entrepreneur Joseph Gutnick says it is full steam ahead for his company's $2 billion phosphate rock project in North Queensland. The head of the United States-listed Legend International Holdings also reiterated his confidence an upgraded Mount Isa-Townsville rail system would meet his company's and others big mineral project's requirements. ''That's why Xstrata is using it for its magnetite (project) and why we are using it and that's why the State Government has allocated $100 million to upgrade it,'' Gutnick says. Legend plans to produce an average of five million tonnes a year of phosphate rock concentrate from mines and processing plants in the Georgina Basin north-west of Mount Isa. The product is to be railed to Townsville port and exported to India. The project could earn revenue of $2 billion a year for decades and create thousands of jobs.

« Back