The Korella Project is a phosphate project located about 160km south-east of Mount Isa and near the Phosphate Hill mining district. The project has been advanced by Chatham Rock Phosphate through its Australian subsidiary and targets near-surface deposits of high-grade rock phosphate used in fertiliser production.

The Korella deposit contains thick phosphate horizons within sedimentary formations of the region, including near-surface layers up to around 22 m thick, allowing for relatively low-cost open-pit mining. Early trial mining in 2015 produced more than 10,000 tonnes of direct-shipping phosphate, demonstrating the potential for simple extraction and processing. The phosphate is considered attractive for fertiliser markets due to its low cadmium content, which is desirable for agricultural use.

Development plans for the project include establishing bulk mining operations and transport infrastructure linking the mine to export facilities. Studies have examined new rail connections from the Korella area to the Port of Karumba to support large-scale phosphate exports and improve logistics for fertiliser supply chains.

If fully developed, the Korella Project could become a significant supplier of phosphate rock for both domestic fertiliser production and export markets in Asia.