MINING entrepreneur Joseph Gutnick said yesterday he hoped a new phosphate joint venture with a Chinese company would create a fertiliser company in Australia to rival our top fertiliser player.

Mr Gutnick’s US-listed Legend International last week signed a deal with Chinese fertiliser supplier Wengfu Group to look at developing a phosphate mine and plant near Mount Isa in Queensland.

Mr Gutnick said on Sky News Wengfu was well placed to build the plant while Legend International would mine the phosphate rock.

Mr Gutnick said that feasibility studies were being done.

‘‘ We’re very confident that this beneficiation plant and phosphoric acid plant and the added-on value products will come into fruition and start next year,’’ Mr Gutnick said.

‘‘ We think this [deal] is a company maker, and we believe it has tremendous potential, and we’re confident we’ll be another fertiliser company in Australia.

‘‘ We have one in Incitec Pivot, and we’re confident we’re going to become the second one.’’

Mr Gutnick said Legend International had linked with IFFCO, India’s largest fertiliser consumer.

Mr Gutnick said with the huge populations of China and India, demand for food, and consequently, fertiliser was enormous.

‘‘ We’ll be able to export to India, to China and around the world, so the sky’s the limit,’’ he said.

Mr Gutnick hoped to list Legend International in Australia in the first quarter of next year.