Business
26 November, 2025
EXCLUSIVE: Locally-invested buyer emerges for Phosphate Hill
A consortium comprising individuals invested in North Queensland is reviewing the books.
A white knight has emerged for Dyno Nobel’s Phosphate Hill fertiliser plant, with a Queensland-led consortium emerging as the front-runner to take over the business.
North West Weekly can exclusively reveal that John Cotter has assembled a group of interested parties who are willing to take on Dyno Nobel's North West assets, including the acid plant in Mount Isa.
The consortium is believed to comprise a syndicate of prominent Queensland business owners who have various operations in the state's north.
When contacted by this masthead, Mr Cotter said he was “unable to comment”.
It’s understood that Mr Cotter, the managing director of North West Phosphate, has been in talks to negotiate a sale with Dyno Nobel.
North West Phosphate is an emerging mining company with major backers in New Zealand and India. In recent years, it has successfully revived Joe Gutnick’s failed Paradise South project north of Mount Isa.
Mr Cotter, who is also invested in agriculture in Queensland’s Far North, has been a passionate advocate of the fertiliser industry for many years.
He’s on the record as being committed to improving fertilisers for farming regions across Australia.
Despite holding some of the world's largest untapped phosphate reserves, Australia imports about 80 per cent of its phosphate supply.
If the proposed purchase of Phosphate Hill were to go ahead, it would be a coup for the North West, with the future of the Mount Isa copper smelter dependent on Dyno Nobel securing a new owner by March 31.
Ultimately, the deal could come down to the price.
Dyno Nobel has put a steep asking price on the sale of its assets – to the tune of $300 million – but industry insiders say the explosives company inadvertently slashed the value of its assets when it announced that it would close the business in September next year if not sold by the end of March.
“A few people were interested at the start of this year and they even visited the site, but the price was too steep for an asset that needs money spent on it,” a senior industry source said.
“Once they announced they were closing if they didn’t sell, that would have surely driven down the value of the business.
“I can't imagine anyone would be willing to pay $300 million for it now.”
Although Phosphate Hill has been earmarked for potential closure, it remains a highly profitable enterprise.
Earlier this month, Dyno Nobel released its 2024-25 annual report, which revealed its fertiliser arm made a profit of $301 million EBIT (Earnings Before Interest and Taxes).
A senior Dyno Nobel employee told North West Weekly that almost all of that profit would have been generated from Phosphate Hill.
Queensland Senator Susan McDonald, who grew up around Cloncurry and Mount Isa, said Dyno Nobel had a responsibility to the North West, as well as the nation, to ensure Phosphate Hill remained operational.
“Australia’s continued agricultural strength relies on a secure, affordable supply of fertiliser,” the Shadow Minister for Resources said.
“During COVID, we came within weeks of running out of fertiliser, jeopardising our ability to not only feed ourselves, but our neighbours.
“Our phosphate resources and fertiliser plants play a critical role in supporting Australian farmers and feeding Australian families. We must ensure that we do everything we can to keep operations like Phosphate Hill operating in Australia.
“It is important that Dyno Nobel negotiates in good faith to ensure this important and established asset continues in Australia’s national interest.”
Cloncurry Shire mayor Greg Campbell said he was pleased to hear that Mr Cotter was interested in one of his council’s biggest ratepaying businesses.
“He's obviously got knowledge of the phosphate industry with North West Phosphate, which is a good thing, because he’ll know its value,” Cr Campbell said.
“Phosphate Hill itself is a totally different ballgame, being the full manufacturing plant as well, but I'm glad someone is keen on buying it.
“(Mr Cotter) is somebody who’s already got an interest in the North West and understands the challenges first-hand, which would make him well placed to take it on.”
Cr Campbell confirmed he had an upcoming in-person meeting with Dyno Nobel CEO Mauro Neves, where he would further reiterate the importance of Phosphate Hill to the region.
“It’s not a facility that can afford to close,” he said.
