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

 


CRP share price at big discount to unrisked valuation

Latest Edison report says CRP share price at big discount to unrisked valuation

30 May 2014

Edison Investment Research’s latest report says Chatham Rock Phosphate’s shares are trading at a significant discount to its unrisked valuation of $1.76 a share.

The research note says CRP has delivered on its milestones and awaits the set six month timeframe for marine consent in the final quarter of 2014 and the finalisation of its seabed mining contract in the first half of 2015. The marine consent is the last major consent the company needs.

“The high margin, low impurity, long-life, wholly owned Chatham Rock Phosphate project does not require any development capital under the build, own and operate mining project model.”

The $1.76 unrisked valuation reflects the dilution of the company’s capital from its 1-10 rights issue and takes account of planned capital raising associated with the London AIM listing.

The report notes CRP’s preferred partner to build and operate its mining dredge is Royal Boskalis but that there are four other dredging specialists showing interest, which reduces the risk to CRP’s production plans if Boskalis elected not to proceed.

“With increased global exploration activity directed to marine deposits, there is a strong appetite from global dredging companies to be involved in the embryonic seabed mining industry. To reflect expected international interest in the project, CRP is planning an AIM listing.”


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news