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Chatham Rock Phosphate Details Major Milestones
22 November 2012
Chatham Rock Phosphate Details
Major Milestones
A period of major
milestones for Chatham Rock Phosphate has resulted in the
company upping its shareholder base by a quarter, doubling
its share price and reaching a market value of more than $50
million.
CRP announced an interim loss of $870,000 for the six months to 30 September, reflecting the high level of activity undertaken by the company that culminated in submitting a mining licence application at the end of September.
The company’s shares reached a new high price
of 46c in October and have since settled around the 40c
level, a market value of $52 million. During October
shareholder numbers grew from 300 to 400. The peak
market value of nearly $59 million compared with $8.5
million in January 2012 and $22 million before the issue of
30 million shares on 24 September to Royal Boskalis and
Subsea Investments.
Chief executive Chris Castle said
the market re-rating came hard on the heels of the
publication of independent research by Edison Investment
Research that stated CRP shares are worth $1.87 on an
un-risked basis.
“It demonstrates the importance of
independent research for investors. The market recognition
of our project’s value was one of the more satisfying
outcomes of the hard work put in by the team.”
Another
key report was an assessment by the Institute of Economic
Research that said New Zealanders would be $1.3 billion
better off as a result of developing the CRP resource. At
least $800 million of that will accrue to people with no
ownership in CRP. It represents an annual wealth injection
of $180 million.
“We have generated a lot of momentum for this project and remain on track to achieve our ultimate goal of going into production on or before New Year 2015.” Major tasks remaining are to:
Raise the last $US9.5 million needed to finance the work that will take us to the start of production
Refine our mining system design so we can start detailed designs early in 2013
Complete our environmental consent application to submit as soon as the EEZ regulations are complete, hopefully in the first half of 2013
Modify the Royal Boskalis ship that will mine the rock phosphate (planned for 2013-14)
Receive our mining licence and marine consents (expected during 2013).
CRP_interim_report_for_6_months_to_30_September_2012.pdf
ENDS
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