Media Release: CRP seeks more capital to ensure overseas listing

Chatham Rock Phosphate is embarking on a new round of capital-raising in order to hold 12 months forward working capital.

As signalled in our announcement of 21 October this capital is required so Chatham, after its merger with Antipodes Gold, remains listed on the Toronto Stock Exchange. The Toronto listing is being pursued to provide a more sophisticated trading platform for Chatham shares and is expected to be welcomed by our overseas shareholders, many of whom are based in the USA.

“We believe it will facilitate fundraising in Canada, the largest mineral-resources focused marketplace,” according to Managing Director Chris Castle.

“Chatham is seeking to raise $1 million. The shares are being marketed among eligible existing shareholders, new wholesale investors and we will also be continuing to target the farming community”


The offer is priced at $NZ0.6c, a 14% discount to recent sales and is open until 30 November or until it is filled, whichever occurs first. 

“This is an opportunity to invest in a company building a wider base focusing on sourcing and trading rock phosphate from several green phosphate sources. We are moving quickly away from being a single project company waiting for an environmental consent and taking more control of our destiny.” 

Following the latest capital-raising among existing shareholders, interests associated with the directors and management are now Chatham’s largest shareholders, with New Zealand farmers and hundreds of other Kiwis owning more than half the company. 


Mr Castle said the offer is being marketed as an opportunity to own, via Chatham,  a growing global network of independent sources of low cadmium, low carbon footprint, reactive rock phosphate.

Individuals wishing to take advantage of this offer should contact Mr Castle by email at or mobile (021 558 185) in order to receive an application form. Application forms can also be downloaded from the home page


About Chatham Rock Phosphate


Chatham Rock Phosphate has redefined its goals and objectives. Chatham aims to be the premier supplier of direct application phosphate to the New Zealand and global agricultural sector.  We are passionate about the benefit of direct application fertiliser to sustainable farming and agricultural practices.  Our objectives are to:

·       Achieve consent of the Chatham Rise project and develop the asset

·       Diversify our product mix to include other onshore phosphate resources

·       Maintain our involvement at the forefront of the marine minerals sector to leverage our expertise as a project pioneer

·       Develop a pathway for CRP products for the agricultural and retail sectors.


Chris Castle

Mobile: +64 (21) 558 185


Media Coverage: Inside Resources - Chatham Rock looking at overseas phosphate

See below for coverage from Inside Resources:

Chatham Rock looking at overseas phosphate while it waits to consent Chatham Rise

Eamon Rood - Wed, 21 Oct 2015

Chatham Rock Phosphate (CRP) is looking at overseas phosphate ventures while its Chatham Rise project remains on hold.

CRP’s focus is to supply direct application phosphate to agricultural users in local and overseas markets. It says this is proven to be significantly more environmentally friendly and sells at a premium in some markets despite lower production costs.

It says that getting the Chatham Rise project fully consented remains its main objective.

Chief executive Chris Castle says the company “is still very keen on the project.” However a decision has not been made whether to re-apply to the Environmental Projection Authority (EPA) for a marine consent to mine the Chatham Rise.

CRP is currently reviewing its previous application to the EPA. It has commissioned “a 360 degree review” from key players involved in the last application.

Castle says the company is watching closely how Trans-Tasman Resources does with its re-application bid in the Taranaki Bight.

A decision is expected to be made by March next year. If a re-application does go ahead, the company hopes to lodge the application the following June, with a view to commencing trial mining in September 2019.

Resolving disputes over costs with the EPA, and royalties with New Zealand Petroleum & Minerals, also remains an objective for the company.

Offshore resources

In the interim CRP is looking to diversify to include onshore phosphate resources overseas.

The company is not disclosing where these resources are located or exactly how many are being looked at as negotiations are ongoing. Castle told Inside Resources there are a number located in three different countries.

He says the company is working to lessen its dependence on the Chatham Rise project and “broaden our portfolio to make it more attractive to investors.”

The company describes the deposits as small, well located, low capital cost, “boutique” phosphate resources that it may take an ownership stake in.

If successful, developing the onshore resources can be achieved at lower capital costs and in a shorter timeframe, the company says. Target markets for the deposits are localised, making freight costs less of an issue. CRP may potentially take an ownership stake in the resources.

Capital raising

The company is pursuing capital raisings in New Zealand, Canada and Europe and aiming to complete its backdoor listing on the Toronto Stock Exchange (TSX). It estimates the funding required to list on the TSX -  “while maintaining prudent yet sustainable forward momentum”  - to be about NZD$1 million - about $1000 for each existing shareholder.

Listing on the TSX is contingent on the company completing a merger with Antipodes Gold, which is already listed. CRP expects this to be approved by a meeting of Antipodes shareholders to be held in November. 

UPDATE: Chatham progresses Canadian listing and advances onshore phosphate projects

It’s timely to report on Chatham’s continuing progress and also to comment on recent events that have a direct bearing on your Company’s future.

Notwithstanding the staff reductions we made earlier in the year we are very gainfully occupied.

Current initiatives include:

·       Pursuing ongoing fund raising initiatives locally and in Canada and Europe together with possible tertiary market listings where required

·       Making good progress in the merger process with Antipodes Gold to list on the Toronto Stock Exchange as our primary listing, while retaining our NZAX listing

·       Working through the steps required before we decide whether to resubmit our application for a Marine Consent. This includes reviewing the previous application to EPA – we have commissioned a 360 degree review from the key players involved in the last application

·       Working with officials in various government ministries to seek efficiencies in the permitting process

·       Investigating and advancing trading relationships with other participants in the phosphate sector

·       Continuing to build our shareholder base – we now have more than 1,000 shareholders

·       Advancing towards sourcing reactive rock phosphate from several well located on-shore deposits – we may end up with ownership stakes in one or more of these projects

·       Continuing to build farming sector, academic, industry and central government support for the Chatham Rise project and for the use of Chatham rock phosphate as a sustainable, environmentally friendly phosphorous source. As part of this we’ve commissioned further pot tests to be followed by field trials

·       Resolving the fee dispute with EPA

·       Seeking a refund of overcharged mining permit fees

·       Being actively involved and frequently invited to present at fertiliser sector, marine mining, and undersea environmental protection forums.

Recent News

The very recent Overseas Investment Office decision concerning the OceanaGold acquisition of Newmont Waihi indirectly facilitates the cashing up of Antipodes Gold, the company we are in the process of merging with in order to list on the Toronto Stock Exchange. This is very good news with the next step being an Antipodes shareholder meeting to sanction the sale of their gold assets, their name change and the merger with Chatham. That meeting is expected to be held in November and the merger with Chatham will follow.

Impact on Chatham Funding Requirements

Linked to the merger and the subsequent Toronto listing is the TSX requirement to raise sufficient working capital to fund the cost of operations until the end of calendar 2016.

The precise level of funding required depends on a number of factors including the cash retained within Antipodes when we merge, the outcome of ongoing discussions relatingto permit fees and EPA hearing costs, and the extent to which the next Marine Consent application does or does not require previously agreed submissions to be re-litigated. 

Based on our assessment of these factors we estimate the funding required to list on the TSX while maintaining prudent yet sustainable forward momentum is $C880,000 or about $NZ1 million. To put that funding target in perspective that is $NZ1,000 for each existing shareholder. 

Chatham will very soon be in contact with both existing shareholders and prospective investors with a view to sourcing this modest funding target by the end of 2015. 

Restated Goals and objectives

As shareholders will be aware Chatham Rock Phosphate has redefined its goals and objectives and it’s timely to restate these.

Chatham Rock Phosphate (CRP) aims to be the premier supplier of direct application phosphate to the New Zealand and global agricultural sector.  We are passionate about the benefit of direct application fertiliser to sustainable farming and agricultural practices.

Our objectives are to:


·       Achieve consent of the Chatham Rise project and develop the asset

·       Diversify our product mix to include other onshore phosphate resources

·       Maintain our involvement at the forefront of the marine minerals sector to leverage our expertise as a project pioneer

·       Develop a pathway for CRP products for the agricultural and retail sectors

Why do we prefer to focus on supplying direct application phosphate?

Three reasons:

1.     It’s the sort of special rock that is in the substantial Chatham Rise deposit

2.     Direct application rock phosphate is proven to be significantly more environmentally friendly toward both soils and waterways

3.     In some markets it sells at a significant premium despite the lower production costs

Why do we intend to develop other on-shore phosphate resources?

1.     Because we can achieve this at a low capital cost and in a much shorter time frame.

2.     Because it reduces our reliance on a single marine source which has not been fully permitted.

3.     Because they are overseas and in jurisdictions that are more supportive of mineral development.

4.     Because we already have the marketing expertise in-house and we already know where to sell the rock.

How well are we progressing with these aims?

1.     After a global search of rock phosphate deposits we have identified a short list of small, well located, low capital cost “boutique” phosphate resources.

2.     We are now in contact with the permit holders and embarking on exploratory discussions concerning both the sourcing of rock for sale and possible joint ownership of the deposits. Our ace in the hole is the expertise and experience of Moroccan Najib Moutia, our vice president strategy and marketing.

3.     Target markets for these deposits are localised, making freight costs much less of an issue.

4.     We will target a range of buyers in these markets, including bulk supply, niche organic/sustainable users, and into the retail market. We are making good ground in all three arenas.

The Chatham Rise timetable from here

November 2015 – Antipodes shareholders approve sale of assets, merger with Chatham and change of name of the merged company

December 2015 – March 2016 - Chatham completes financing programme, Antipodes and Chatham merge with the combined entity listed on the TSX.V and NZAX

March 2016 – decision made to resubmit Marine Consent Application

June 2016 – Marine Consent Application lodged

December 2016 – fast tracked decision released

June 2017 – Marine mining contract finalised and ship conversion commences

September 2019 – trial mining

January 2020 – commercial mining commences


In parallel with this Chatham will be steadily building a phosphate trading business in preparation for accepting and marketing the offtake from the Chatham Rise deposit.

Our confidence in achieving these parallel onshore and offshore objectives is based on both our in-house phosphate trading expertise and the progress we have made in just a few months identifying suitable rock phosphate sources and suitable trading partners.

Any shareholder wishing to discuss any aspects of this announcement and Chatham’s business plan can call me on +64 21 558 185, email me at, or Skype me at phosphateking.




Chris Castle


CEO - Chatham Rock Phosphate Limited

Click here to download this update in PDF Form


NZX Announcement: Antipodes Transaction Update

21 July 2015 

NZX Market Announcement

Antipodes Transaction Update

 Attached is a market announcement from Aorere Resources Limited concerning the likely termination of its agreement for sale and purchase with Antipodes Gold Limited.

As noted in the announcement Chatham Rock Phosphate and Antipodes Gold are in direct discussions with a view to still pursuing the proposed reverse takeover of Chatham Rock Phosphate.

The outcome of these discussions will be advised to the market in due course.

Chris Castle 

Chief Executive Officer

Click image above to read

Click image above to read


NZX Announcement: CRP seeks farmer capital to support local phosphate supply

Chatham Rock Phosphate is embarking on a new round of capital-raising among the farming community to develop a local supply of phosphate. CRP is seeking to raise $766,000. 

“This is an opportunity to invest in a green local phosphate source,” according to CRP managing director Chris Castle.

“CRP is now fund-raising as part of re-applying for an environmental consent. Assuming we receive this consent, we will quickly move towards production.”  Mr Castle noted CRP has a 20-year mining permit.

Following the latest capital-raising among existing shareholders, interests associated with the directors and management are now CRP’s largest shareholders, with New Zealand farmers and hundreds of other Kiwis owning more than half the company. 

Mr Castle said the offer is being marketed as an opportunity to own part of an independent local source of rock phosphate. CRP, a New Zealand public company with 950 shareholders, proposes mining 30 km2 a year to extract 1.5 million tonnes of phosphate nodules for use in New Zealand and Asia Pacific.  The permit area on the Chatham Rise is about two-thirds of the way to the Chatham Islands, at a depth of 400m.

“Assuming CRP is granted permission to extract phosphate from the Chatham Rise, it will provide New Zealand’s rural environment with an ethical local source of phosphate with some strong environmental benefits – specifically being low run-off, low cadmium and with a low carbon footprint.”

“It would also offer a strategic security of supply, given virtually all phosphate supplies come from politically unstable areas, mainly in North Africa. CRP would be an ethical producer of farm inputs, and New Zealand wouldn’t be exporting our pollution.” 

Mr Castle criticised environmentalists for condoning New Zealand’s importation of all its phosphate requirements. “It is hypocritical to support exporting our environmental footprint to countries that mine phosphate on land, involving severe social and environmental distress in those communities.” 

A resubmission by CRP would stress the considerable environmental benefits of the local resource: 

·       Chatham Rise phosphate when spread on pastures minimises waterways pollution because unlike superphosphate it binds to the soil, so very little leaches into streams and rivers.

·       It requires less frequent application, as the fertility effect lasts three years rather than one (also a financial benefit).

·       This local product contains almost no cadmium, a heavy metal that accumulates in the soil and can become a health hazard. The current Moroccan product has among the world's highest concentrations.  CRP’s product has moderate uranium content but is high in calcium, offering attractive liming qualities.

·       CRP’s product has a much lower carbon footprint because as a local source it doesn’t need to be shipped from overseas, and is applied less often.

On 23 October 2014 we made a detailed market announcement regarding our anticipated project economics and cost structures, including detailing our underlying assumptions.

This was updated in a further market announcement on 27 January 2015. Readers are referred to both announcements for more detail and copies can be provided on request. While the assumptions remain applicable (and critically the assumption that we will obtain a marine consent) those economics are significantly influenced by prevailing foreign exchange rates. In particular, costs are largely expected to be incurred in Euros and income is largely expected to be earned in US dollars.

Based on current exchange rates and the aforementioned assumptions, CRP’s annual profit before royalties and taxation would exceed $96 million. New Zealand would benefit from CRP paying $34 million in annual taxes and royalties, plus millions in port charges. Jobs - many high value and knowledge-based - would be created in the port, on the mining ship, undertaking environmental monitoring and broader scientific research, in the agriculture and hospitality sectors and on the Chatham Islands.

The income earned by extracting phosphate would be $9,700,000 per km2 over 30km2 a year compared with only $9,000 per km2 annually from fish bottom trawling which affects 50,000 km2 a year – but requires no environmental approvals. 

The Environmental Protection Authority concluded mining would have no significant impact on fishing yields or fishing industry profitability, marine mammals or seabirds.

Mr Castle said the CRP project could enable New Zealand to become a world leader in marine technology and expertise worth billions of dollars.

“What is at stake for New Zealand is potentially a lot more than phosphate. In addition to taxes and royalties from the CRP project  our work at sea enhances the understanding and knowledge base of our marine environment to help identify marine areas most deserving of conservation.”

Mr Castle said he is confident of a successful outcome for the environmental permitting process next time, due to: 

·       An expected improvement in the Marine Consent procedure, including interpretation of the EEZ Act

·       CRP was turned down on limited and unexpected grounds that we consider erroneous and can be dealt with more robustly on resubmission, (high-profile fishing industry and Iwi concerns were mutually agreed to be groundless)

·       CRP is confident of much wider and tangibly expressed support from relevant government agencies, the farming sector, and other stakeholders

·       The company more fully understands the rules of the game and expects the Environmental Protection Authority to have learned from the CRP and earlier Trans-Tasman Resources applications.


Chris Castle +64 21 55 81 85 or


Warning - Forward Looking Statements

This release contains forward looking statements. Forward-looking statements and information are not historical facts, are made as of the date of this release, and include, but are not limited to, statements regarding discussions of future plans, guidance, projections, objectives, estimates and forecasts and statements as to CRP's expectations with respect to, among other things, mineral properties and the matters described in this release. 

These forward looking statements involve numerous risks and uncertainties and actual results may vary. Important factors that may cause actual results to vary include without limitation, the timing and receipt of certain approvals, changes in commodity prices, changes in interest and currency exchange rates, risks inherent in exploration results, timing and success, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), changes in development or mining plans due to changes in logistical, technical or other factors, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailability of materials, equipment and third party contractors, delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), political risk, social unrest, and changes in general economic conditions or conditions in the financial markets.