Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


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

CRP_interim_accounts_Sept_2012.xls


ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news