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Legend International Holdings Inc Announces Positive and Robust Results from the Expanded Feasibility Study for Legend's Paradise Phosphate Project
Legend International Holdings Inc Announces Positive and Robust Results from the Expanded Feasibility Study for Legend's Paradise Phosphate Project

Apr. 8, 2011 (Business Wire) -- Legend International Holdings, Inc (OTCBB:LGDI) is pleased to announce positive and robust results from the expanded feasibility study (1.2 million tonnes per annum of mono-ammonium phosphate (MAP) and di-ammonium phosphate (DAP)) for Legend’s Paradise Phosphate Project conducted by Wengfu Group Ltd of China (“Wengfu”). The results of the feasibility study have confirmed that an expanded development scenario of the project is technically and economically viable and reports a stronger internal rate of return and significantly higher net present value than the base case (600,000 MAP/DAP tonnes per annum as reported in July 2010). The financial model is robust across a number of market scenarios.

Legend has also updated the base case financial model with the ten year MAP/DAP, Aluminum Fluoride (AlF3), Sulphur and Ammonia forecasts as estimated by CRU Group in April 2011, an independent commodity analyst based in London, U.K. The DAP/MAP price forecasts are significantly higher than those used in the July 2010 base case feasibility study. In July 2010 the ten year (2010 – 2019) forecast average was within 2% of US$445 per tonne FOB Tampa, Florida; the April 2011 ten year forecast average has been updated to within 2% of US$512 per tonne DAP FOB Tampa. These forecasts have also been incorporated in the expanded case financial model.

DAP is currently trading at approximately US$620 per tonne FOB Tampa.

Highlights of the expanded study and updated base case study include:

* Significantly higher forecast DAP prices out to 2019.
* Based on the above forecasts the base case pre-tax NPV% 8.0 has increased from US$1.5 billion (July 2010) to US$2.2 billion.
* The expanded case feasibility study financial results are:
o A pre tax NPV%8.0 of US$4.8 billion.
o A pre tax IRR of 27.9%
o Average annual EBITDA of US$475 million.
o Average annual free cash flow after tax of US$329 million.
o Capital payback period of 5.3 years.

These positive financial results and the quality of Legend’s phosphate reserves are generating high levels of interest from international fertilizer buyers and producers. Positive discussions are still progressing with interested industry corporations for a potential strategic transaction relating to the development and financing of the phosphate assets. The process, being conducted by Nomura, has progressed to a stage whereby a shortlist of the key interested parties are conducting due diligence and site visits. Legend expects successful completion of this process, resulting in the partnering with a major fertilizer industry corporation, in the coming months. A number of global aluminium producers have also expressed interest in securing the off-take of Legend’s future aluminium fluoride production and discussions between these groups have commenced.

The feasibility study, as summarized in Table 1 below, outlines the financial results of the updated base case for the project and the expanded case. The financial summary below is based on a 100% project basis (ungeared).

Table 1. SUMMARY OF THE PARADISE FEASIBILITY STUDY RESULTS
Item Base Case Expanded Case
Mineral Reserve1 55.5Mt @ 33% P2O5
Annual Production (DAP/MAP/AlF3)

400Kt MAP, 200Kt

DAP, 15Kt AlF3


400Kt MAP, 800Kt

DAP, 30Kt AlF3
Mine Life 59 yrs 29 yrs
Total MAP Production – Assumed 30 yr project 12Mt 12Mt
Total DAP Production – Assumed 30 yr project 6Mt 24Mt
Total DAP/MAP/AlF3Revenue Generated (30 yrs)2 US$14,316M US$26,900M
Total Free Cash Flow (after tax and capital, 30 yrs) 2 US$4,111M US$8,781M
Average Annual EBITDA2 US$221M US$475M
Average Annual Free Cash after tax2 US$158M US$329M
Development Capital US$808M US$1,775M
Capital Payback 2 5.1 yrs 5.3 yrs
Average 2013 – 2019 Forecast MAP Price (fob Townsville) US$544/t
Average 2013 – 2019 Forecast DAP Price (fob Townsville) US$549/t
MAP Average Cash Operating Margin3 US$220/t US$220/t
DAP Average Cash Operating Margin3 US$225/t US$226/t
Pre Tax IRR4 26.9% 27.9%
Pre Tax NPV 48.0% US$2,229M US$4,790M
After Tax IRR 22.7% 23.3%
After Tax NPV 48.0% US$1,456M US$3,125M
Notes:
1 As reported in press release dated February 24, 2011 these US SEC Industry Guide 7 compliant Mineral Reserves are defined as the recoverable rock concentrate post screening and processing of the ore through the proposed flotation beneficiation plant to be located at Paradise South. These reserves are in areas that are fully accessible for mining; free of surface or subsurface encumbrance, legal setbacks, environmental reserves and other legal restrictions that preclude permittable access for mining; believed by us to be permittable within a reasonable timeframe; and meet specified minimum physical, economic and chemical criteria related to current mining and production practices of the industry.
2 Excludes inflation (2.5% p.a) and discount rate (8% p.a).
3 Average operating margins are calculated for the forecast window period (2013 to 2019). Excludes inflation and discount rate. Includes AlF3 revenue credit.
4 Includes inflation (2.5% p.a), discount rate (8% p.a), and commodities’ growth factor (4.2% p.a inclusive of 2.5% p.a inflation) as per CRU forecasts, extrapolated to year 2024, with no growth in prices assumed past 2024 except for inflation.


Expanded Production Study

The Expanded Case project will consist of a:

* 2Mtpa Rock Concentrate Beneficiation Plant at Paradise South
* 140km Slurry Pipeline from Paradise South to Mount Isa
* 1600 ktpa Sulfuric Acid Plant
* 600 ktpa Phosphoric Acid Plant
* 240 ktpa Ammonia Plant
* 1200 ktpa DAP/MAP Plant
* 30ktpa Aluminium Fluoride (AlF3) Plant

The Expanded Case benefits from increased capacity and differs from the base case in that a captive ammonia plant and a phosphate rock slurry pipeline are proposed and included in the capital cost estimate. The ammonia plant would utilise gas from the Carpentaria Gas Pipeline which currently passes through the proposed plant site. A slurry pipeline will be utilized to replace road transportation of phosphate rock between the Paradise South deposit and Mount Isa. Both investments are justified at a project of this scale and significantly reduce the operating costs.

Pricing Assumptions

All price assumptions for MAP, DAP, AlF3, Ammonia and Sulphur reported below are within 2% of the CRU 10-Year Outlook forecasts. All freight prices have been provided by Braemar Seascope Services. All prices stated in the tables below are the forecast average between 2013 and 2019. The financial modelling in the feasibility study is based on these forecasts.

DAP prices are based on a price parity mechanism assuming India as the exclusive export market. The following formula has been applied:

DAP FOB Tampa, FLorida US$512/t
Freight Tampa to East Coast India US$62/t
DAP India cfr US$574/t
Freight Townsville to East Coast India US$25/t
DAP FOB Townsville US$549/t


MAP prices are based on an import price parity assuming the Australian market takes the entire demand. The following formula has been applied:

MAP FOB Black Sea US$497/t
Freight Black Sea to Townsville US$47/t
MAP FOB Townsville US$544/t


Aluminium Fluoride prices are based on an import price parity assuming the Australian market takes the entire demand. The average forecast price between 2013 to 2019 is US$1475 per tonne FOB Townsville.

Sulphur prices have been based on equivalent China CFR sulphur forecast prices with an average price of US$64/tonne.

Ammonia prices have been based on equivalent Far East CFR ammonia forecast prices with an average price of US$483/tonne. For the expanded case all ammonia will be produced on site. Based on forecast gas costs delivered to Mount Isa the average onsite ammonia forecast price is US$283/tonne.

Forward-Looking Statements

Forward-looking statements in this press release are made pursuant to the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, the risks of exploration and development stage projects, risks associated with environmental and other regulatory matters, mining risks and competition and the volatility of mineral prices. Actual results and timetables could vary significantly. Additional information about these and other factors that could affect the Company’s business is set forth in the Company’s fiscal 2010 Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

Legend International Holdings, Inc.

Mr. Joseph Gutnick, +011 613 8532 2866

Chief Executive Officer

Fax: [phone]

[e-mail]

or

Legend International Holdings, Inc.

General Manager Business

New York Office, [phone]

Fax: [phone]

[e-mail]



Source: Business Wire (April 8, 2011 - 6:00 AM EDT)

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Queensland Premier, the Honourable Ms Anna Bligh, Announces That Legend International Holdings Has Received Approval for the Mining Lease at Its Paradise North Phosphate Project

MELBOURNE, Australia, Apr 12, 2011 (BUSINESS WIRE) -- Legend International Holdings, Inc (OTCBB:LGDI) is pleased to announce that the State Government of Queensland, Australia, has approved the grant of Legend's Paradise North mining lease ML90191 north west of Mt. Isa, Queensland, Australia. Paradise North is the second Mining Lease (ML) applied for in Queensland for the Legend Phosphate Project following the granting of The D-Tree North mining lease ML90190 in August 2010 and is the first of two to be granted for the Paradise phosphate fertilizer project.

Paradise North will be the first site of mining for Legend's Paradise phosphate fertilizer project. The project recently reported a pre-tax net present value of US$4.8 billion dollars from its expanded production feasibility study (see press release dated April 8, 2011) which has assessed that the production of 1.2 million tonnes per annum of di-ammonium phosphate (DAP) and mono-ammonium phosphate (MAP) is technically and economically viable.

Queensland Premier, The Honourable Ms Anna Bligh announced today that Legend International Holdings had received approval for a second mining lease in the North West Minerals Province.

"This investment from Legend International clearly shows that the mining and resources sectors are confident when it comes to investing in Queensland," Ms Bligh said.

"With Legend's estimate of almost 200 million tonnes of mineral reserves in the area, we are looking at a mine with an operational life of 60 years."

"The North West is important to the whole Queensland economy. That's why we're taking steps to ensure the resources and mining industry can continue to develop in the area."

"This is the latest project to be approved through the streamlining process."

"Rigorous checks and balances are in place but we've made an effort to reduce red tape to make sure developments that check all the right boxes can be up and running quickly."

Legend International welcomes the grant of the Paradise North ML as another significant milestone in the further development of the phosphate industry in North West Queensland and welcomes the confidence and support that the Queensland State Government has shown for the Legend Phosphate project.

Forward-Looking Statements

Forward-looking statements in this press release are made pursuant to the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, the risks of exploration and development stage projects, risks associated with environmental and other regulatory matters, mining risks and competition and the volatility of mineral prices. Actual results and timetables could vary significantly. Additional information about these and other factors that could affect the Company's business is set forth in the Company's fiscal 2010 Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

SOURCE: Legend International Holdings, Inc

CONTACT:

Legend International Holdings, Inc. Mr. Joseph Gutnick, +011 613 8532 2866 Chief Executive Officer Fax: [phone] [e-mail] or Legend International Holdings, Inc. General Manager Business New York Office, [phone] Fax: [phone] [e-mail]

Copyright Business Wire 2011

-0-

KEYWORD: Australia
Australia/Oceania
INDUSTRY KEYWORD: Natural Resources
Mining/Minerals
SUBJECT CODE: Advisory

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auch



News story (dated April13, 2011) from the Herald Sun
in response to Re: MINING LEASE GRANTED for PARADISE NORTH by rink


http://www.heraldsun.com.au/business/diamond-in-the-rough-ba…

VETERAN mining entrepreneur "Diamond" Joe Gutnick is preparing a return to the Australian business scene with a planned stock exchange listing of his Queensland phosphate interests.

While the float plans are still at an early stage, a US source said Gutnick's Legend International Holdings had put out feelers to brokers in Australia to raise between $150 million and $250 million to dual list on the Australian Securities Exchange and the US AMEX market.

"Legend's Paradise deposits are fantastic but they are going to need a lot of capital to develop them as planned," said the source. "They have been looking at a dual listing for a while but it is getting more serious now."

Fertiliser prices have been rising strongly in recent years amid high demand from China and India and global concerns about food security and growing populations.

Legend's latest feasibility study estimated that $US808.16 million would be needed to develop a fertiliser complex at Mt Isa plus mining and transport needs.

That would then produce high value complex fertilisers rather than phosphate rock, with annual production targets of 600,000 tonnes of diammonium phosphate and monoammonium phosphate and 15,000 tonnes a year of aluminium fluoride with a mine life of at least 30 years.

After processing, the fertilisers would then be sent by rail from Mt Isa to Townsville for export.

Legend has already attracted serious partners including China's Wengfu Group, which financed the feasibility study, and the Indian Farmers Fertiliser Cooperative, which owns 15 per cent and represents five million farmers.

Mr Gutnick is perhaps best remembered for his five-year reign as president of the Melbourne Football Club until 2001, pumping more than $2.7 million into the ailing club.

He has had considerable success developing several gold mines including Bronzewing through Great Central Mines but investors were left with a sour taste by the 2001 failure of laterite nickel miner Centaur Mining.

Mr Gutnick still lives in Melbourne but spends much time in New York raising funds for Legend. He has bought a house in Mt Isa to be close to Legend's assets.

A local football sponsorship deal has led to Mt Isa's footy ground becoming known as Legends Oval.

Legend shares have fallen 27 per cent in the past year and last traded at US74c, valuing the company at $US167.5 million.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

______________

FORM 8-K
______________


CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 8, 2011

______________


LEGEND INTERNATIONAL HOLDINGS, INC
(Exact name of registrant as specified in its charter)

______________


Delaware

000-32551

23-3067904
(State or Other Jurisdiction

(Commission

(I.R.S. Employer
of Incorporation)

File Number)

Identification No.)

Level 8, 580 St Kilda Road, Melbourne, Victoria Australia 3004
(Address of Principal Executive Office) (Zip Code)

61-3-8532-2866
(Registrant’s telephone number, including area code)

N/A
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))








Item 7.01 Regulation FD

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Legend International Holdings, Inc (OTCBB: LGDI) announces positive and robust results from the expanded feasibility study (1.2 million tonnes per annum of mono-ammonium phosphate (MAP) and di-ammonium phosphate (DAP)) for Legend’s Paradise Phosphate Project conducted by Wengfu Group Ltd of China (“Wengfu”). The results of the feasibility study have confirmed that an expanded development scenario of the project is technically and economically viable and reports a stronger internal rate of return and significantly higher net present value than the base case (600,000 MAP/DAP tonnes per annum as reported in July 2010). The financial model is robust across a number of market scenarios.

Legend has also updated the base case financial model with the ten year MAP/DAP, Aluminum Fluoride (AlF 3 ), Sulphur and Ammonia forecasts as estimated by CRU Group in April 2011, an independent commodity analyst based in London, U.K. The DAP/MAP price forecasts are significantly higher than those used in the July 2010 base case feasibility study. In July 2010 the ten year (2010 – 2019) forecast average was within 2% of US$445 per tonne FOB Tampa, Florida; the April 2011 ten year forecast average has been updated to within 2% of US$512 per tonne DAP FOB Tampa. These forecasts have also been incorporated in the expanded case financial model.

DAP is currently trading at approximately US$620 per tonne FOB Tampa.

Highlights of the expanded study and updated base case study include:

Ø Significantly higher forecast DAP prices out to 2019.

Ø Based on the above forecasts the base case pre-tax NPV % 8.0 has increased from US$1.5 billion (July 2010) to US$2.2 billion.

Ø The expanded case feasibility study financial results are:


o A pre tax NPV %8.0 of US$4.8 billion.


o A pre tax IRR of 27.9%


o Average annual EBITDA of US$475 million.


o Average annual free cash flow after tax of US$329 million.


o Capital payback period of 5.3 years.


These positive financial results and the quality of Legend’s phosphate reserves are generating high levels of interest from international fertilizer buyers and producers. Positive discussions are still progressing with interested industry corporations for a potential strategic transaction relating to the development and financing of the phosphate assets. The process, being conducted by Nomura, has progressed to a stage whereby a shortlist of the key interested parties are conducting due diligence and site visits. Legend expects successful completion of this process, resulting in the partnering with a major fertilizer industry corporation, in the coming months. A number of global aluminium producers have also expressed interest in securing the off-take of Legend’s future aluminium fluoride production and discussions between these groups have commenced.



2


The feasibility study, as summarized in Table 1 below, outlines the financial results of the updated base case for the project and the expanded case. The financial summary below is based on a 100% project basis (ungeared).

Table 1. SUMMARY OF THE PARADISE FEASIBILITY STUDY RESULTS
Item

Base Case

Expanded Case
Mineral Reserve 1

55.5Mt @ 33% P 2 O 5
Annual Production (DAP/MAP/AlF 3 )

400Kt MAP, 200Kt DAP, 15Kt AlF 3

400Kt MAP, 800Kt DAP, 30Kt AlF 3
Mine Life

59 yrs

29 yrs
Total MAP Production – Assumed 30 yr project

12Mt

12Mt
Total DAP Production – Assumed 30 yr project

6Mt

24Mt
Total DAP/MAP/AlF 3 Revenue Generated (30 yrs) 2

US$14,316M

US$26,900M
Total Free Cash Flow (after tax and capital, 30 yrs) 2

US$4,111M

US$8,781M
Average Annual EBITDA 2

US$221M

US$475M
Average Annual Free Cash after tax 2

US$158M

US$329M
Development Capital

US$808M

US$1,775M
Capital Payback 2

5.1 yrs

5.3 yrs
Average 2013 – 2019 Forecast MAP Price (fob Townsville)

US$544/t
Average 2013 – 2019 Forecast DAP Price (fob Townsville)

US$549/t
MAP Average Cash Operating Margin 3

US$220/t

US$220/t
DAP Average Cash Operating Margin 3

US$225/t

US$226/t
Pre Tax IRR 4

26.9%

27.9%
Pre Tax NPV 4 8.0%

US$2,229M

US$4,790M
After Tax IRR

22.7%

23.3%
After Tax NPV 4 8.0%

US$1,456M

US$3,125M
Notes:
1 As reported in press release dated February 24, 2011 these US SEC Industry Guide 7 compliant Mineral Reserves are defined as the recoverable rock concentrate post screening and processing of the ore through the proposed flotation beneficiation plant to be located at Paradise South. These reserves are in areas that are fully accessible for mining; free of surface or subsurface encumbrance, legal setbacks, environmental reserves and other legal restrictions that preclude permittable access for mining; believed by us to be permittable within a reasonable timeframe; and meet specified minimum physical, economic and chemical criteria related to current mining and production practices of the industry.
2 Excludes inflation (2.5% p.a) and discount rate (8% p.a).
3 Average operating margins are calculated for the forecast window period (2013 to 2019). Excludes inflation and discount rate. Includes AlF 3 revenue credit.
4 Includes inflation (2.5% p.a), discount rate (8% p.a), and commodities’ growth factor (4.2% p.a inclusive of 2.5% p.a inflation) as per CRU forecasts, extrapolated to year 2024, with no growth in prices assumed past 2024 except for inflation.

Expanded Production Study

The Expanded Case project will consist of a:


Ø

2Mtpa Rock Concentrate Beneficiation Plant at Paradise South


Ø

140km Slurry Pipeline from Paradise South to Mount Isa


Ø

1600 ktpa Sulfuric Acid Plant


Ø

600 ktpa Phosphoric Acid Plant


Ø

240 ktpa Ammonia Plant


Ø

1200 ktpa DAP/MAP Plant


Ø

30ktpa Aluminium Fluoride (AlF 3 ) Plant

The Expanded Case benefits from increased capacity and differs from the base case in that a captive ammonia plant and a phosphate rock slurry pipeline are proposed and included in the capital cost estimate. The ammonia plant would utilise gas from the Carpentaria Gas Pipeline which currently passes through the proposed plant site. A slurry pipeline will be utilized to replace road transportation of phosphate rock between the Paradise South deposit and Mount Isa. Both investments are justified at a project of this scale and significantly reduce the operating costs.



3


Pricing Assumptions

All price assumptions for MAP, DAP, AlF 3 , Ammonia and Sulphur reported below are within 2% of the CRU 10-Year Outlook forecasts. All freight prices have been provided by Braemar Seascope Services. All prices stated in the tables below are the forecast average between 2013 and 2019. The financial modelling in the feasibility study is based on these forecasts.

DAP prices are based on a price parity mechanism assuming India as the exclusive export market. The following formula has been applied:

DAP FOB Tampa, FLorida

US$512/t
Freight Tampa to East Coast India

US$62/t
DAP India cfr

US$574/t
Freight Townsville to East Coast India

US$25/t
DAP FOB Townsville

US$549/t

MAP prices are based on an import price parity assuming the Australian market takes the entire demand. The following formula has been applied:

MAP FOB Black Sea

US$497/t
Freight Black Sea to Townsville

US$47/t
MAP FOB Townsville

US$544/t

Aluminium Fluoride prices are based on an import price parity assuming the Australian market takes the entire demand. The average forecast price between 2013 to 2019 is US$1475 per tonne FOB Townsville.

Sulphur prices have been based on equivalent China CFR sulphur forecast prices with an average price of US$64/tonne.

Ammonia prices have been based on equivalent Far East CFR ammonia forecast prices with an average price of US$483/tonne. For the expanded case all ammonia will be produced on site. Based on forecast gas costs delivered to Mount Isa the average onsite ammonia forecast price is US$283/tonne.





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.




LEGEND INTERNATIONAL HOLDINGS, INC.




By:

SIGNATURE GRAPHIC

Peter Lee
Secretary


Date: April 13, 2010

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[Petronius]

SALVE!

Neu hier. Die Phosphatproduktion läuft also 2012 an.

- Nur in Australien oder haben die auch Lager in US?
- Gibt es Infos zum Listing in AUS??
- Wieso ist denn der Kurs so eingebrochen. Düngemittel laufen im Moment doch wie verrückt!

Petronius