An Australian company has big plans to develop a phosphate mine...

An Australian company has big plans to develop a phosphate mine near Mount Isa, a mining conference has heard.

John Cotter, executive chair of North West Phosphate, was speaking at last week's MPX and said his company was sitting on the largest phosphate deposit in Australia.

The resources are in North West Queensland, 130km north-west of Mount Isa, close to Lady Loretta Mine, and contains the Paradise North and South, D-Tree and Barr Creek resources.

Paradise South has a proven ore reserve alone of 119Mt suitable for organic fertiliser while he D-Tree resource was suitable for di calcium phosphate.

Mr Cotter said phosphate rock prices were currently booming due to strong demand in China and India, with price rises forecast to 2045.

"The global rock price has almost tripled and we have the largest resource in Australia that is close to logistics hubs," Mr Cotter said.

He said Paradise benefitted from its proximity to mining leases, with good access roads and the nearby Barkly Hwy to Mount Isa with its airport and associated infrastructure.

He said the Paradise South rock commanded a premium price compared against Moroccan rock because of its favourable chemical composition and lower impurities.

17/7/2022 posted Date !