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).




© Scoop Media

Business Headlines | Sci-Tech Headlines


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news