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abc on gutnick

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    ABC News - Phosphate mine proponent up-beat amidst global crisis

    A company proposing a new phosphate mine in north-west Queensland says it will be able to ride out the world economic turmoil and is on track to begin production at the end of next year.

    Legend International Holdings is working to develop the Lady Annie deposit, north-west of Mount Isa.

    President and chief executive Joe Gutnik says global demand for phosphate remains high and he is not expecting the financial crisis to impact on the company's plans for the region.

    "Our partners and strategic allies say that phosphate will fall but nothing in comparison to other commodities," he said.

    "But in regard to Legends, we're cashed up, we have no debt, we have $127 million in the bank, we're able to ride through the carnage which is taking place in the financial world today."
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