Products Produced

In 2023 the company executed a Binding ‘Take or Pay’ Offtake Agreement with Ameropa Australia for 100% of the project’s annual agri urea production for the first 25 years (contract value equates to +$5 bn).

Ameropa Australia is a wholly owned subsidiary of Ameropa AG:
- ‒ Privately owned and based in Switzerland, Ameropa is the world’s largest trader of urea.
- ‒ Produce, originate and market fertilisers globally with 30 offices across all five continents.
- ‒ Employ 4,875 people and sell annually ~10m tonnes of urea fertilisers.
- ‒ In 2010 purchased Impact Fertilisers in Tasmania who manufacture 200,000 tpa Single Superphosphate (SSP).

Key terms of the offtake:
- ‒ Ameropa to market and distribute 100% of agri urea product.
- ‒ Pricing benchmarked on retail sale price minus a fixed sales margin.
- ‒ Deliver product to storage facility in Geelong.
- ‒ Receive farm gate price (premium to FOB prices).

AdBlue is diesel exhaust fluid that is one part liquid urea and two parts demineralised water and produced directly from urea. It’s use is mandatory in all diesel engine engines in EU and USA with it’s purpose to eliminate the carcinogenic nitrous oxide component found in diesel exhaust fumes.
Compulsory use of AdBlue in Australia is currently limited to new on-road vehicles. This will be extended to all agricultural, mining and marine engines, and diesel powered generation units.
Longer term there will be opportunities for expansion with ability to diversify revenue streams. Revenue from pure hydrogen and ammonia will add to the quantum and mix shown below.
Substantial revenue growth is also expected to come from ammonia which is currently being trialled as a zero emissions alternate to diesel fuel in ocean going vessels by MAN, the large German diesel engine manufacturer

Hydrogen is produced in the reaction CO + H₂O → H₂ & CO₂
Excess hydrogen (H₂) can be separated and on sold to a variety of supply chains.
Offtake discussions have commenced for the balance of hydrogen production.