Chatham Rock Phosphate (CRP) is determined to mine phosphate from the ocean floor and is seeking fresh capital to file another application for consent to mine the Chatham Rise.
The company’s first attempt last year was knocked back by the Environmental Protection Authority (EPA). For the marine consent re-submission, CRP has taken a totally fresh look at the way it will make an EPA application. This includes using the provisions of the Resource Management Amendment Bill when they are enacted to have the application dealt with promptly and efficiently.
CRP is also attempting to restructure its corporate profile, which involves a deal with Antipodes Gold that, effectively, will be a reverse takeover by Chatham – giving that company a listing on the Toronto Stock Exchange. This exchange is internationally renowned for its support for a wide variety of mining operations.
Details of this are contained in a statement in the full year financial results for CRP that says the takeover was expected to be completed by September 30, on the basis that the capital raising achieves sufficient funding.
The company reported a trading loss for the year to March 31 of $818,000, a significant reduction on the previous year’s $27.3 million loss after recognising impairments of $18.7 million. CRP admits in its report that confidence in the company is still affected by the EPA’s rejection of mining consents for Chatham Rise. This affected the share price which plummeted, and prompted measures for a new marine consents submission.
“Over the past few months there’s been a steady stream of support from shareholders and new investors keen to support our plans,” the company says.
“In total we have now in the last 14 months raised or secured firm commitments for $3 million. This is a remarkable achievement given both the major setback in our circumstances in February last year and the very weak resource market conditions prevailing during most of the ensuing period.” By Peter Owens.