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

 

Pre-Budget: Computer Emergency Response Team, Assemble!

John Key told the country's first ever Cyber Security Summit in Auckland that the government had earmarked funding set up a national Computer Emergency Response Team to help prevent and act on cyber incidents in partnership with the private sector and other organisations. More>>

ALSO:

Job Cutter Goes: Mark Weldon To Step Down As MediaWorks CEO

“When I joined MediaWorks in August 2014, I had a mandate to lead a significant change programme to bring the business back from receivership into a position where it could once again be a strong competitor in the market, with a sound and sustainable future. It was a big brief, laden with inherent challenges, but I took it in good faith and have dedicated myself fully to the goal since." More>>

ALSO:

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news