Melbourne-Legend International Holdings Inc., with phosphate projects in the State of Queensland, Australia, said May 5 that it has entered into a long-term offtake and supply agreement for a minimum of 3 million mt/y of concentrated rock phosphate from its Lady Annie project in Queensland, Australia, with Indian Farmers Fertiliser Cooperative Ltd. (IFFCO). Legend and IFFCO have decided to pursue the project in joint venture, the terms of which are under discussion. Financing and joint venture options for the capital cost of Legend’s phosphate project are currently under discussion between the parties, as is the price of the phosphate rock. The price of the rock will be negotiated based on international market prices applicable for the Indian market with an appropriate discount. Negotiations with regards to finance options should be concluded in coming months. Legend is principally focused on developing its phosphate deposits in the Georgina Basin in Queensland, Australia. Legend’s exploration licenses include approximately 5.2 million acres in Queensland and the Northern Territory, Australia. IFFCO is India’s largest fertilizer enterprise, a cooperative with over 50 million farmers associated with it, primarily engaged in the production and marketing of nitrogen and phosphate fertilizers in India. IFFCO has five fertilizer plants in India, with a domestic annual capacity to produce 4.3 million mt of phosphate fertilizers and 4.2 million mt of nitrogen fertilizers.
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