Melbourne-Legend International Holdings Inc. reports that the State Government of Queensland has approved the grant of Legend’s Paradise North mining lease ML90191 northwest of Mt. Isa. Paradise North is the second mining lease (ML) applied for in Queensland for the Legend Phosphate Project following the granting of The D-Tree North mining lease ML90190 in August 2010, and is the first of two to be granted for the Paradise phosphate fertilizer project. Paradise North will be the first site of mining for Legend’s Paradise phosphate fertilizer project. The project recently reported a pre-tax net present value of US$4.8 billion dollars from its expanded production feasibility study, which has assessed that the production of 1.2 million mt/y of DAP/MAP is technically and economically viable. “This investment from Legend International clearly shows that the mining and resources sectors are confident when it comes to investing in Queensland,” said Queensland Premier Anna Bligh. “With Legend’s estimate of almost 200 million mt of mineral reserves in the area, we are looking at a mine with an operational life of 60 years.” Legend says it has been receiving a high level of interest from international fertilizer buyers and producers, with positive discussions progressing with interested industry corporations for a potential strategic transaction relating to the development and financing of the phosphate assets. It said a shortlist of the key interested parties is conducting due diligence and site visits. Legend expects successful completion of this process, resulting in the partnering with a major fertilizer industry corporation, in the coming months.
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