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

 


Aorere invests in Chatham Rock Phosphate

Aorere invests in Chatham Rock Phosphate


Aorere Resources will invest $500,000 in Chatham Rock Phosphate, independent chairman Dene Biddlecombe announced today.

“The independent directors think the shares represent outstanding value.”

Mr Biddlecombe said the terms of the private placement – one of a number CRP is currently undertaking – will be confirmed in the next few days.

“CRP is making strong progress with its Marine Consent application and we remain very confident the company will be granted its environmental permit by the end of the year.

We are familiar with the quality of the scientific research and level of consultation undertaken by the CRP team and we believe none of the submissions made have raised any deal breakers.

Mr Biddlecombe said Aorere’s investment would be made from some of the proceeds of the recent shareholder rights issue.

“We think it’s the best investment we can make for our shareholders and are delighted it will enable Aorere to build up its holding.”

Mr Biddlecombe said he was unimpressed by the uninformed and premature report issued by staff of the Environmental Protection Authority earlier this week.

“A cursory look shows it is riddled with mistakes and fails to even consider much of the information received more recently. Had this information been assessed it would have addressed many of the issues raised by the report’s authors.

“It’s a big concern such a report was issued at this time, given it has only confused interested parties, the Decision Making Committee and investors. The EPA should look carefully at its processes in the light of the – hopefully short-term - damage its actions have caused to CRP’s share price.”

ends


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news