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

 


Chatham Rock Phosphate seeks smaller seabed mining area

Chatham Rock Phosphate seeks smaller seabed mining area

By Pattrick Smellie

Aug. 5 (BusinessDesk) - Chatham Rock Phosphate, which is seeking a marine consent to mine phosphate nodules in deep sea on New Zealand's Chatham Rise, is reducing the size of its consent application to "simplify questions from the Environmental Protection Authority and submitters," managing director Chris Castle said in a statement to the NZX.

The removal of 4,985 square kilometres from the application reduces CRP's marine consent area by about half and "will no major impact on CRP's mining plans for the first 15 years, which is covered by its approved mining permit and subject only to a marine consent," said Castle.

CRP also announced it has been granted a two-week extension until Aug. 25 to answer a range of questions from the EPA's decision-making committee, which is considering the application. Answers were to have been filed this week, although Castle says the delay should have no impact on the EPA's nine month timeline for decisions on the application, which CRP is promoting as a replacement for phosphate currently imported from the Western Sahara to meet New Zealand farm fertiliser needs.

CRP would only consider mining in the area now dropped from its application "once more assessment has been carried out," said Castle. Questions the company is answering have required additional research and reports and cover "the benefits of the project to New Zealand and the Chatham islands, commercial viability, effects on commercial fishing, migrating eels, benthic fauna, fish spawning, sediment chemistry and trophic modelling, toxicity thresholds, trace elements, habitats and seabirds, noise, ocean currents and phosphate prices."

CRP's announcement comes as would-be offshore ironsands miner Trans Tasman Resources confirmed it had cut staff at its head office in Wellington last week following the rejection in June of its application for a marine consent, the first ever mounted under new law governing the country's vast offshore Exclusive Economic Zone.

TTR chairman and managing director Tim Crossley told BusinessDesk in an email that the company would continue to pursue its planned appeal against the findings of the EPA-appointed decision-making committee (DMC).

The staff lay-offs were "a very unfortunate consequence of the DMC decision," said Crossley. "We are a company that relies on shareholder funds for cash hence we must be very disciplined in these situations to prudently manage our cash flow."

Filings with the Companies Office yesterday show TTR's two largest shareholders, Dutch-based Cook Investments Cooperatief UA and TTR Investment Holding Netherlands Cooperatie UA were issued a further 5,416 and 6,861 shares respectively, taking the total number of TTR shares on issue to 119,786. TTR Investment Holding is listed as a 44.28 percent shareholder, with Cook holding 18.13 percent.

Boston-based Denham Capital became a 48 percent shareholder in TTR in 2010.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Employment: Labour Urges Talley’s To End AFFCO Lockout

Labour has urged Talley’s to resolve the ongoing industrial dispute with AFFCO workers which is having a severe effect on the employees, their families and their communities, Labour’s Workplace Relations spokesperson Iain Lees-Galloway says. More>>

ALSO:

Three Kings: Govt To Oppose Appeal Blocking $1.2B Auckland Housing Plan

Environment Minister Nick Smith and Housing New Zealand have joined legal proceedings in support of Auckland Council and Fletcher Building opposing a bid by community groups to only allow low-rise housing in a $1.2 billion housing redevelopment on the disused site of the Three Kings quarry. More>>

ALSO:

Transport: Jetstar Expands Regional Network With Three New Routes

More New Zealanders than ever before will have access to Jetstar’s affordable flights when new services take off today from Auckland to New Plymouth and Palmerston North, and Nelson to Wellington. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news