Ross Louthean - 3 February 2012
The L&M Group which figures strongly in petroleum exploration, coal seam gas, coal and gold mining is now joining the quest for seafloor phosphate deposits on Chatham Rise.
The company has formed Chatham Phosphate Ltd which it owns 90%, with the balance held by prospect vendor and veteran geoscientist Roger Gregg.
New Zealand Petroleum & Minerals has granted a permit on the rise, near the Chatham Islands and well east of Christchurch and it envelopes on three sides of the marine phosphate permit held by Chatham Rock Phosphate Ltd (NZAX: CRP).
Chairman of the L&M Group, Geoff Loudon, said there are no set plans and the future development of the company because everything is in its infancy.. Later, consideration could be given to whether Chatham Phosphate remains private or looks at an IPO.
Over the years Roger Gregg was involved in studies on the Chatham phosphorites.