Feb 25, 2020

Paradise phosphate project on the market

Paradise phosphate project on the market

The former Paradise phosphate project in North-West Queensland is on the market, with the owners now in liquidation.

Legend International Holdings/Paradise Phosphate are seeking offers for the portfolio of tenements through KordaMentha.

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

The project consists of the Paradise South, Paradise North and D-Tree deposits, with a total JORC Mineral Resource of 580 million tonnes at 10.7 per cent phosphorus pentoxide.

It is listed on MinesOnline.com, where the tenements are described as having had $30-40 million spent on exploration, metallurgy, environmental approvals, land tenure, mine infrastructure and pre-feasibility studies;

A Mining Lease has been granted for Paradise North for the proposed extraction of up to 1Mtpa of direct shipping ore phosphate rock and for D-Tree project, allowing extraction of up to 7.5Mtpa for beneficiation of phosphate concentrate.

More information here: https://www.minesonline.com/project/paradise-phosphate-project/