PERTH (miningweekly.com) – The Northern Australia Infrastructure Facility (NAIF) has now approved a A$71-million loan to fertilizer producer Agripower Australia to help grow its exports and create jobs in Queensland.
Minister for Resources, Water and Northern Australia Keith Pitt said the loan would be used to upgrade infrastructure and improve access to Agripower’s mine site near Greenvale, and its processing plant near Charters Towers.
“This expansion would help Agripower deliver regional economic benefits, and is forecast to support around 345 jobs during construction and 171 ongoing jobs when completed,” Pitt said.
“Agripower produces a range of natural silicon fertilisers for agriculture and horticulture use, and believes its mine could remain productive for 200 years.
“That means the project has the potential to generate real jobs and opportunities for generations to come, while injecting much-needed income into north Queensland as the economy recovers from the Covid-19 pandemic.”
Assistant Minister for Northern Australia Michelle Landry said the expansion includes a multi-user rail line, water pipeline and sealing of a public road to help improve access to Agripower’s facilities.
“The Agripower expansion project will deliver jobs to north Queensland and is forecast to inject around A$256-million into the region’s economy over 20 years,” Landry said.
The Queensland government last year prescribed “Special Project” status to the Agripower rail project, which will include a 45 km conveyor and the reopening of the 220 km Greenvale to Yabulu rail line, enabling better access and export from what is believed to be the world’s largest resource of biogenic amorphous silica.
Agripower’s processing facility near Charters Towers with production capacity of 240 000 t of fertiliser per year has been designed for easy expansion up to 50 000 t/y.
Landry noted that the investment decision means NAIF has now offered around A$1-billion in funding to 10 projects in Queensland’s north, ensuring northern Queensland remains a great place to live, work and invest.
A series of reforms to the NAIF were introduced to Parliament this week to extend the operations of the government’s A$5-billion NAIF for a further five years until the end of June 2026, and to empower the NAIF to make faster lending decisions for appropriate projects.