Fertiliser and explosives manufacturer Incitec Pivot has announced that it will start work on a new, $US 850 million, 800,000 metre tonnes-per-year ammonia factory in the United States.
The company’s capital expenditure has been approved, with the project to be funded by internally-generated cash flows and debt, reports AAP.
It will be built in Louisiana, and CEO James Fazzino has given less than five years as the payback period. Completion is slated for the third quarter of 2016.
Incitec announced late last year that it was cancelling plans to build a plant in West Australia’s Burrup Peninsula, and announced last September that plans to build a factory on Kooragang Island, in Newcastle, had been put on hold.