West Perth, Western Australia-Minemakers Ltd., citing a move in global phosphate rock prices from $50/mt to $200/mt, is proceeding with a new feasibility study for development of its phosphate reserves in Wonarah in the Northern Territory. Minemakers says Wonarah is the largest known undeveloped phosphate resource in the country. Back in 2002, Minemakers adjudged the development unfeasible; however, soaring phos rock prices, as well as infrastructure improvements, have the company once again eyeing development. Minemakers notes that since 2002 the Alice Springs-Darwin railway has been completed and Timor Sea gas is now piped onshore to Darwin. It says further expansion of the latter could lead to the possibility of a DAP plant to serve Asia. An independent scoping study of Wonarah in early 2007 indicated that, depending on various mining, transportation, and exchange rate scenarios, a price of almost A$100/mt was required for economic validity. With current world price at US$200/mt, Minemakers says there is the potential for a highly profitable, large, and long-term operation at Wonarah, with a short payback period.
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