Interesting snippet in The Australian today. Was not aware of...

Interesting snippet in The Australian today. Was not aware of this project, though seems development has yet to commence...?

Meanwhile, theSmorgon family will be hoping that their other fledgling investment in aprivate company fares somewhat better than Tribe.

They seem to have hopped into bed with former Dow Chemicals CEO AndrewLiveris last year in a new salt venture he’s got going near Karratha, Western Australia.

Margin Call can reveal the Smorgon family office has takenalmost 20 per cent ownership of Leichhardt Industrials Group, in which Liveris appears to have about a quarter stake following a recent corporate restructure and the capital raising.

Leichhardt is developingthe Eramurra salt project near Karratha; it would seem thehope is to manufacture chemical salt that can be sold into the Asia-Pacificmarket. For anyone wondering, it’s a substance used to make chlorine andcaustic soda that’s then used in the production of paper, glass, PVC and paint.

Liveris’s son Nick, an investment banker based in New York withpriors at McKinsey and Merrill Lynch, is on the Leichhardt board, as is VictorSmorgon Group managing director Peter Edwards.The family office holds its stake via their VBS Investments vehicle, the sameentity used to pile into Tribe.