phosphate company looks for mine partner

Phosphate company looks for mine partner

By Carl Curtain
Wednesday, 02/06/2010

A Territory phosphate explorer, looking for a business partner to develop a mine, says the Federal Government's resources profits tax will make it harder to move the project forward.

Phosphate Australia has found what it believes to be significant amounts of phosphate at Highlands Plains, on the Northern Territory/Queensland border.

But the company doesn't have enough money to kick-start the project on its own.

Chairman Jim Richards says they would like to begin a feasibility study into piping the mineral to the Gulf.

"This is the irony of what's going to happen [with the Government's resources tax]. We may well get partners coming in but it puts us in a far weaker negotiating position.

"In order to get the capital, we now have to give away far more of our project, potentially."