22 August 2012

Independent research on Chatham Rock Phosphate (CRP) prepared by Edison Investment Research (Edison) says the most significant risks relating to the project are easing.

“CRP is moving closer to demonstrating a commercially and technically viable undersea mining project, risks still remain but the most significant are easing.”

“Doubts over the technical viability of undersea seabed mining at the depths CRP is contemplating have reduced substantially, with global dredging major Boskalis taking an equity stake in CRP.

“The other main risk, mining and environmental approvals, will be CRP’s major focus over the coming 12 months.”

CRP commissioned Edison to produce independent research because share-broker analysts do not research the company.

CRP managing director Chris Castle said a summary report is included in Edison’s Asia Pacific quarterly report issued this week. A full report on CRP will be available early next month.

He said he valued Edison’s independent assessment and believed CRP has a strong story to tell. It would inform investors both in New Zealand and internationally and CRP could be measured against a range of international companies.

Edison is a leading international equity research company providing independent research on small and medium sized listed companies for institutions and investment advisers. New Zealand has more than 200 companies listed on the NZX, NZAX and Unlisted exchanges but analysts generally only research the top 50.

Edison is one of the largest independent investment research companies worldwide with more than 350 corporate clients, including a big focus on mining research with nine dedicated mining analysts and coverage of 75 mining companies on major exchanges.

Edison sends its research directly to a relevant international investor audience and provides readership data to its corporate clients. The research reports are distributed to a global database of professional investors, advisors and analysts in major financial centres world wide, plus organisations like Bloomberg, Reuters, Factset and Yahoo Finance.

To read the report go to http://rockphosphate.co.nz/reports/archives/2012/08/22/edison-research-crp-de-risking-continues/

Chris Castle - Managing Director CRP

+64 21 55 81 85 or chris@widespread.co.nz