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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Science Awards: NZAS Celebrate NZ Scientific Achievements

The Marsden Medal is awarded for a lifetime of outstanding service to the cause or profession of science, in recognition of service rendered to the cause or profession of science in the widest connotation of the phrase. This year’s medal is awarded to Dr Mike Andrews. More>>


Court Rules: Affco 'Unlawfully' Locked Out Meat Workers

The note says the full court found for the plaintiffs, "that is that the defendant locked out the second plaintiffs unlawfully and that it breached s 32 of the Act by acting otherwise than in good faith towards the plaintiffs while collective bargaining was still going on." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news