23 August 2004 00:01 [Source: ACN]
The company is seeking new investors to replace Agrium in the Dampier Nitrogen consortium. Agrium withdrew from the project, which has secured environmental approval, last year, as the partners were unable to agree on how to develop it.
Agrium previously held a 51% stake in Dampier Nitrogen. The consortium is now 90% owned by Plenty River and 10% by Thesis, a construction company (ACN 26 April 2004).
After its withdrawal, Agrium applied to take over the Burrup site, but the Western Australian government allocated the 67-ha block of land to Plenty River last April.
The Plenty River official said the government had given the company a three-month extension on the land allocation until 21 October, as good progress had been made on the project.
He added that Plenty River was still aiming to secure funding at end-March 2005. The company is looking at producing 790 000 tonne/year of ammonia and 1.2m tonne/year of urea.
In view of the strong Australian dollar, the official said the company was looking at a number of ways of reducing the A$725m (US$515m) investment cost.
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