North West Phosphate’s $1.4bn PhosOne project has had its approval process fast-tracked

A $1.4bn project expected to generate more than 700 jobs has taken another step towards full realisation with the Queensland Government fast-tracking the approvals process.

North West Phosphate's Paradise South phosphate mine.

Australia’s largest phosphate resource holding has taken another step towards full realisation with the Crisafulli Government fast-tracking the proposed northwest Queensland pit-to-production venture PhosOne by declaring it a prescribed project.

A joint venture between Mt Isa-based North West Phosphate Limited (NWP) and global giant and Century mine owner Sibanye-Stillwater PhosOne will grow local production of phosphate rock concentrate for use in agriculture as fertiliser.

The declaration as a prescribed project will mean a streamlined approval process for the integrated project, which is expected to generate $1.4bn in economic value and create 240 ongoing and 490 construction jobs in the region.

The project will mine phosphate ore from NWP’s new $150m Paradise South mine, 130km northwest of Mount Isa, before being transported 20km to the Century mine at Lawn Hill for processing.

North West Phosphate managing director John Cotter.

Managing director of North West Phosphate John Cotter (illustrated) says the prescribed project status provides momentum as the project progresses through the joint venture study phase.

“PhosOne has the potential to deliver a stable, long-term economic boost for the North West Minerals Province,” he says.

On notice

Australia’s second-largest superannuation fund, Australian Retirement Trust, has paid $18,780 to comply with an infringement notice issued by the financial regulator over allegedly misleading performance data published on its website.

Between July 2023 and July 2024, Brisbane CBD headquartered ART published out-of-date performance data about the performance of its default MySuper product, the Lifecycle Investment Strategy.

ASIC deputy chair Sarah Court.

The 2023 Super Savings Product Dashboard on ART’s website incorrectly displayed the fund performance figures for the financial year ending June 2022, which were higher than the performance figures achieved for the financial year ending June 2023.

Australian Securities and Investments Commission deputy chair Sarah Court says: “This notice is a reminder that it is imperative that Australian consumers are given accurate information to assess fund performance, especially in circumstances where they might be considering switching funds.”

The payment of an infringement notice is not an admission of liability.

Merger update

There are more than a few worried bean counters who have been thrashing out the final numbers for this year’s Queensland Budget with state-owned corporations potentially in the firing line.

According to the last mid-year fiscal and economic review the government’s budget deficits each year for the next three years are expected to be the largest ever in record and surpass the deficit recorded back during the covid pandemic era in 2020.

This continued run of large deficits is forecast to lead to a doubling of the amount of money the state government will need to borrow from $106.4bn in FY24 to over $217bn in the next three years.

Speculation mounts that the Queensland Investment Corporation and Queensland Treasury Corporation will merge.

Our sources say that to keep control of the runaway debt levels the Budget may throw up a few changes to the finance sector, with the merger of the Queensland Investment Corporation and the Queensland Treasury Corporation on the cards.

They say the benefit of the merger, would be reduce the overlap and inefficiencies between the two organisations. It could also streamline the government’s initiatives to focus on more private-public partnerships – a key lever to reduce the Government’s debt.

We shall see where it all lands in a few weeks when the State Budget is revealed on June 24.

Originally published as North West Phosphate’s $1.4bn PhosOne project has had its approval process fast-tracked