2010 start for Legend TAHNEE WATSON 30/10/2009 9:13:00 AM NORTH West phosphate miner Legend International Holdings is on track to bring two of its tenements into operation early next year with the view to creating more than 3000 jobs in the North West. Mining permits are currently being processed for D-Tree North and Paradise North, 160 kilometres north of Mount Isa, with the sites expected to bring millions of dollars into the region’s economy during the planning, construction and operational phases.
Economic modelling recently carried out by Townsville Enterprise on the Legend project drew the following conclusions:
n The 35 direct jobs created in the planning and construction phase of Stage One will generate another 34 jobs through industrial and consumption effects and $18.46 million in value added to the North and North West region’s economies.
n The operational phase of stage one would directly create 133 jobs and was estimated to generate another 134 jobs through industrial and consumption effects. The impact of the operational phase was estimated to add $62 million in value added to the economy annually.
n Stage two of the project, beneficiated rock phosphate project, would directly create 1060 jobs in its planning and construction phase while it was estimated these jobs would in turn generate another 1180 jobs through industrial and consumption effects. The planning and construction phase would impact the North and North West regional economies by creating an estimated $374.75 million in value added.
n The operational phase of stage two would directly create 296 jobs which was estimated to generate another 293 jobs through industrial and consumption effects. The impact on the region’s economies is estimated at $145.49 million annually.
In its September project update, the company said approval of the D-Tree North mining lease was expected by December however given the proximity to the wet season, development of mining operations at this site would not begin until the end of quarter one next year.
A mining lease application for Paradise North has been submitted and was expected to be granted by the first quarter of next year with mining operations and production to begin in the second quarter.
Speaking about this week’s Renewable Energy Roundtable in Canberra, Legend International Holdings chief executive officer Joseph Gutnick said it was important Mount Isa was connected to the national energy grid.
Mr Gutnick said access to power was a priority for future stages of Legend’s North West operations.
“Stage 1 power requirements are relatively small so current access to power is satisfactory,” he said. “Stage 2 and 3 will require substantially more power and benefit from the various projects being proposed for increased power in the region.
“The North West Minerals Province is one of the richest in the world and power infrastructure upgrades are integral to facilitating current and future project growth.”
MET Price at posting:
20.9¢ Sentiment: Buy Disclosure: Held
