Three-quarters of an $850 million ammonia plant in Waggaman has been completed and the project remains on track to begin operating in the third quarter of 2016.

The plant will use natural gas to make ammonia-based fertilizer, and gas prices are currently lower than anticipated.

Australian explosives and chemical maker Incitec Pivot Ltd released the update Monday as part of its midyear financial results. Incitec is the parent company of Dyno Nobel, an industrial explosives and blasting company that will own the plant.

As of March 31, $550 million had been spent on the plant, according to Incitec.