Mining industry entrepreneur Joseph Gutnick is hoping that a new phosphate joint-venture with a Chinese company will launch a fertilizer company in Australia to eventually rival Incitec Pivot. His idea for wealth creation is gaining ground fast.

Gutnick’s U.S.-listed Legend International entered into a deal with Chinese fertilizer supplier Wengfu Group last week to determine the feasibility of the development of a phosphate mine and plant near Mount Isa in Queensland.

Wengfu has great experience, expertise and export connections, and was ideally placed to build a beneficiation plant (the process of reducing ore to particles then separated into mineral and waste) and phosphoric acid plant. Legend International will mine the phosphate rock.

The mining entrepreneur is of the opinion that the deal is a company-maker, and he believes it has tremendous potential.

The idea is to export fertilizer globally. According to Mr Gutnick, Legend International has boosted the possibilities for wealth creation by also establishing links with IFFCO, the largest fertiliser consumer in India.

Given the huge populations of China and India, and their demand for food, fertilizer was enormous. Wealth creation is only a hop skip and a jump away then, since they should be able to export to china and India and eventually around the world.

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