Chatham Rock Phosphate (‘CRP’ or the ‘Company’) is a mineral exploration company, focussed on the development and exploration of a marine phosphorite deposit offshore New Zealand. CPR holds a Mining Permit of approximately 820km2 in respect of the Chatham Rise Phosphorite Deposit located in the offshore Exclusive Economic Zone (‘EEZ’) of New Zealand. The Company is also interested in three prospecting licenses adjacent thereto (one of which is under application for renewal and two of which are under initial application). The granted permit and the three applications cover an offshore phosphorite deposit on the Chatham Rise, located 450km south-east of Wellington. The Company intends to contract-mine the rock phosphate for supply to the New Zealand and international phosphate fertiliser market.
The Company intends to enter into negotiations with Boskalis, the Company’s preferred mining operator, with a view to entering into a mining contract in 2015 and targeting commencement of production in 2017.
Phosphorite is a key raw material for manufactured phosphate based fertilisers. It is currently imported into New Zealand, primarily from Morocco. Exploration carried out largely in the 1970s and 1980s identified a phosphorite deposit on the Chatham Rise which could meet New Zealand’s supply needs for at least 25 years.
The Chatham Rise Phosphorite Deposit has an Inferred Mineral Resource of 80 million m3 at an average grade of 290 kg/m3 phosphorite above a cut-off grade of 100kg/m3 giving a total contained 23.4Mt of phosphorite.
The Company has been listed on the NZX (New Zealand Stock Exchange) since November 2006, (ticker; ‘CPR’).
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