Legend International is led by Joseph Gutnick, a prominent Australian mining industry entrepreneur, who has overseen some of Australia's largest and most prestigious resource discoveries.
The Company’s primary focus is the development of its phosphate interests in the Georgina Basin in Queensland including Paradise, Lady Jane, D-Tree, Thorntonia, Lily Creek, Quita Creek, Sherrin Creek and Highland Plains, which have combined historical deposits of more than 1 billion tonnes.
Last week, Legend International announced an alliance with Chinese fertiliser producer Wengfu to build a phosphate mine at its Georgina Basin project near Mt Isa, Queensland, further supporting their plans to produce an average of 5 million tonnes per year of phosphate rock concentrate by 2012, and becoming one of the world’s leading producers. Legend already has an agreement with India to export phosphate rock from its Georgia Basin deposits.
The company is also planning to build a beneficiation plant and a phosphoric acid plant on the site. The two companies will initially carry out a feasibility study for mining and beneficiation.
Pending positive results, Wengfu and Legend will also investigate phosphoric acid manufacturing to produce specialty phosphate products. After the completion of the studies, Wengfu will become an equity partner with Legend.
According to Legend, the Chinese producer’s experience in all aspects of phosphate rock mining, beneficiation, acid production and specialty phosphate chemical production will ensure the project is successful.
Wengfu is the one of the largest phosphate fertiliser producers in China, with two mines and several beneficiation, fertiliser and chemical plants. The company produces over 2.5 million tonnes of finished fertiliser products per annum. They are currently contracted for EPC services for the large phosphate fertiliser Ma’aden Beneficiation Project in Saudi Arabia.
PROJECT TIMELINE:
PHASE 1:
Quarter 1 2010; Conduct metallurgical test work including pilot plant
Quarter 2 2010; Complete Bankable Feasibility Study (which has commenced already)
Quarter 3 2011; Complete construction of Beneficiation Plant
PHASE 2:
2012; Ramp up production to 5Mtpa
PHASE 3:
2013; Introduce value added phosphate products, ie Phosphoric Acid
The project is anticipated to generate 1974 direct and 2168 indirect construction jobs over all three phases and 729 direct and 735 indirect operational jobs. That’s a total of 2703 direct jobs and 2903 indirect jobs.
The location of the acid plant has not been finalised, but is anticipated to be in the Mount Isa region.
Legend will list on the Australian Stock Exchange next March. It was listed on the American exchange initially as Mr Gutnick had originally planned it as a diamond group.
More details here: http://www.lgdi.net/ [3]