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North Queensland fertilizer project receives AUS$71 million NAIF funding

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World Fertilizer,

The Northern Australia Infrastructure Facility (NAIF) is backing regional Queensland’s agriculture sector with approval of a AUS$71 million loan to support the expansion of an integrated fertilizer company.

Agripower Australia Limited, a producer of a range of natural silicon fertilizers for use in agriculture and horticulture, requires a loan facility to help the company develop what is believed to be the world’s largest resource of biogenic amorphous silica.

With a mine near Greenvale and a processing facility near Charters Towers, Agripower believes its 2 billion t deposit could create a mine life of 200 years. This can potentially mean jobs for local skilled and unskilled workers for generations to come.

NAIF has agreed to support the company by helping fund a range of capital works projects including a new multi-user rail spur, water line and mine site facilities.

The projects are forecast to generate more than 500 regional jobs (345 FTE construction roles and 171 FTE operational roles) and deliver AUS$256 million to the region in the form of contributions to Gross Regional Product over 20 years.

NAIF CEO Chris Wade said the funding would help Agripower exploit a world-class resource and also create long-term, multi-generational jobs in the Charters Towers region.

“We are excited to support Agripower’s plans and continue NAIF’s recent momentum of investment in a range of industries and sectors across North Queensland and northern Australia more broadly. This program of works will support Agripower’s long-term expansion and importantly, support the region’s economic recovery with a sizeable number of jobs.”

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