The Paradise South project, by North West Phosphate, which is headed by John Cotter, is on a deposit of more than 1 billion tonnes and stage one is anticipated to last 50 years.

Cotter, who heads up Initiative Capital has deep political and business connections in Queensland as a former LNP executive. He was also the head of Bowen River Utilities which was attempting to develop an irrigation project in central Queensland.

The phosphate project also includes former LNP MP Robert Cavalucci, who now heads Football Queensland. Also on the board is Greg Pankhurst, Chris Ramsay, Malcolm Harris and Priy Jayasuriya.

About 75 per cent of its one million tonnes a year production has been sold to customers in Australia, New Zealand and Indonesia.

Corporate documents show the net present value of the project at $320 million. They also indicate a payback time in five years.

The company also said that demand for phosphate in India was strong and prices had been driven higher by Russia.

“China has stopped (phosphate) rock exports and will not start again,” the company said.

“African production has been levelled by demand from India which has increased dramatically leaving producers in south east Asia in short supply resulting in production holds.

“The lag time to recommence will lead to an increase in food production costs in the forward two years.”

The company has also received it environmental authority and has worker accommodation and an airstrip at a nearby Glencore mine.

Cotter said the capital raising for the project was underway and he expected it to be oversubscribed which gave the company the momentum to start construction.

A secondary resource is available through contained rare earth minerals.

The company expects to export out of Townsville allowing it to reach south east Asian markets in two to four days.

“We are a group of Australian farmers that want to provide longevity to our food security,” Cotter said.

“By bringing this world class asset to market we are executing a well-planned strategy with long term customers across Oceania and south east Asian markets.”