NZX Announcement: CRP response to TTR decision

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Dear Chatham Rock Phosphate shareholder,

This announcement has just been filed on NZX and will be released before the market opens this morning.

Regards,

 

Chris Castle

Chief Executive Officer

Chatham Rock Phosphate Limited

Email: chris@crpl.co.nz

Cell: +64 21 558 185

Skype: phosphateking

www.rockphosphate.co.nz

 

CRP response to TTR decision

18 June 2014

Chatham Rock Phosphate (NZ: CRP) (“CRP” or “the Company”) today notes the announcement made by Trans-Tasman Resources (TTR) regarding the marine consent application decision of New Zealand’s Environmental Protection Authority (EPA) Decision-making Committee (DMC).

While CRP has yet to study the decision in detail, we remain very confident we have submitted a robust and comprehensive application to the EPA for our marine consent, which will meet the legal tests under the relevant New Zealand legislation. We have proposed comprehensive monitoring, mitigation and compensation conditions, following discussions with interested parties.

We feel for TTR as the company has worked hard and invested significant capital.  However it is important to remember our application cannot be compared with TTR’s.  It is for a different mineral, in a very different marine environment and using different extraction methods and will be considered by a different Decision-making Committee. 

CRP’s application also has some unique environmental and economic benefits which include:

·         It offers security of supply for New Zealand’s most significant industry

·         It’s an organic New Zealand-origin product that can be applied without any chemical processing

·         It’ll reduce the carbon footprint by lowering transport distances

·         It has one of the lowest known concentrations of cadmium of any phosphate rock

·         It reduces water pollution from run-off when used as a direct application fertiliser because it releases slowly, requiring less frequent applications than conventional fertilisers, further reducing its carbon footprint

·         The rock is highly reactive, heightening its effectiveness as a fertiliser, and has strong liming qualities. 

According to regulatory filings, the main basis of the decision regarding TTR’s marine consent application relates to concerns about potential adverse environmental effects.

CRP’s own Marine Consent to the Environmental Protection Authority, filed in May 2014, comprehensively accounts for the low level of potential environmental impacts proposed by its own mine plan throughout the development, operation and reclamation of its permit area.

CRP continues to prioritise environmental responsibility within its role as a corporate citizen and economic contributor to New Zealand. Accordingly, CRP continues to engage with EPA, Iwi and all relevant local stakeholders as part of the six-month process towards the DMC’s decision on its application, which is still expected in Q4 2014.

For further information, please contact:

Chatham Rock Phosphate
CEO/ Corporate Development

Chris Castle      +6421 558 185

Linda Sanders   +6427 471 5593

please note we are in London

Tavistock Communications
PR and IR Advisor

Emily Fenton/ Nuala Gallagher/ Simon Hudson

+44 20 7920 3150

Media Release: Chatham Rock Phosphate advises start of marine consent submission process

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Dear Chatham Rock Phosphate shareholder,

This announcement has been filed with NZX and will be released this morning before the market opens in New Zealand.

Regards,

Chris Castle

Chief Executive Officer

Chatham Rock Phosphate Limited

Email: chris@crpl.co.nz

Cell: +64 21 558 185

Skype: phosphateking

www.rockphosphate.co.nz

 

Media Release

13 June 2014

Chatham Rock Phosphate advises start of marine consent submission process

Chatham Rock Phosphate Limited (CRP) is pleased to advise the Environmental Protection Authority (EPA) has now publicly notified CRP’s marine consent application to mine phosphate nodules from the Chatham Rise in New Zealand’s Exclusive Economic Zone.

The public notification in major daily newspapers means the submission period on CRP’s application has now opened and will conclude at 5 pm on 10 July 2014. Following the close of this submission period the EPA will then have 20 working days in which it considers the submissions before issuing a hearing notice.

The decision making committee to consider CRP’s application has also been confirmed. The EPA Board has appointed a committee of experienced decision-makers, with collective expertise in ecology, engineering and tikanga Ma?ori, to decide the application. Chair of the committee is former career diplomat Neil Walter. The other members are Dr. Nicki Crauford (EPA Board representative), Dr. Gregory Ryder, Lennie Johns and David Hill.

EPA Chief Executive Rob Forlong said in a media release the EPA was committed to carrying out a robust decision-making process. The decision-making committee would consider all submissions made by the public and people could choose to speak directly to the panel at public hearings.

“In order to make the best decision, the committee needs to be aware of as much relevant information as possible. We want to hear how a proposal might affect existing interests in the area and the environment. We’re looking for information that may affect the outcome of a decision or that would help to develop conditions that could be imposed if an application was approved.”

Mr. Forlong said all relevant materials will be provided on the EPA website and regular updates provided to all parties. Full details about the application, the decision-making committee and how to make a submission are available on the EPA website www.epa.govt.nz/eez.

CRP is seeking to mine phosphate nodules from the Chatham Rise (250-450 m depth) 450 km east of Christchurch. It has a mining permit from New Zealand Petroleum and Minerals (NZP&M) for an 820 sq km area on the Chatham Rise, which forms part of the total area (10,192 sq km) for which a marine consent is being sought from the EPA. The remaining area may be mined in the future depending on research results and obtaining relevant permits from NZP&M. CRP is proposing to mine at least 30 sq. km of seabed annually to meet its annual minimum production target of 1.5 million tonnes of phosphate nodules.

Contact Chris Castle on +64 21 55 81 85 or chris@crpl.co.nz  - Please note Chris is currently in London

NZX Announcement: Latest Edison report says CRP share price at big discount to unrisked valuation

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Dear Chatham Rock Phosphate shareholder,

This announcement has just been released by NZX. The Edison report referred to is attached to this email and will be able to be sourced from our website later today.

Regards,

 

Chris Castle

Chief Executive Officer

Chatham Rock Phosphate Limited

Email: chris@crpl.co.nz

Cell: +64 21 558 185

Skype: phosphateking

www.rockphosphate.co.nz

 

Media Release

Latest Edison report says CRP share price at big discount to unrisked valuation

30 May 2014

Edison Investment Research’s latest report says Chatham Rock Phosphate’s shares are trading at a significant discount to its unrisked valuation of $1.76 a share.

The research note says CRP has delivered on its milestones and awaits the set six month timeframe for marine consent in the final quarter of 2014 and the finalisation of its seabed mining contract in the first half of 2015.  The marine consent is the last major consent the company needs.

“The high margin, low impurity, long-life, wholly owned Chatham Rock Phosphate project does not require any development capital under the build, own and operate mining project model.”

The $1.76 unrisked valuation reflects the dilution of the company’s capital from its 1-10 rights issue and takes account of planned capital raising associated with the London AIM listing.

The report notes CRP’s preferred partner to build and operate its mining dredge is Royal Boskalis but that there are four other dredging specialists showing interest, which reduces the risk to CRP’s production plans if Boskalis elected not to proceed.

“With increased global exploration activity directed to marine deposits, there is a strong appetite from global dredging companies to be involved in the embryonic seabed mining industry.  To reflect expected international interest in the project, CRP is planning an AIM listing.”

 

For further information please contact Chris Castle on 021 55 81 85  or chris@crpl.co.nz

NZX Announcement: CRP Marine Consent application accepted as complete

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Dear Chatham Rock Phosphate shareholder,

This announcement has been filed with NZX and will be released before the market opens tomorrow morning.

 

Regards,

Chris Castle

Chief Executive Officer

Chatham Rock Phosphate Limited

Email: chris@crpl.co.nz

Cell: +64 21 558 185

Skype: phosphateking

www.rockphosphate.co.nz

 

Media Release

28 May  2014

 

CRP Marine Consent application accepted as complete

The Environmental Protection Authority today accepted Chatham Rock Phosphate’s formal Marine Consent application as being complete.

CRP lodged its application for a marine consent to mine phosphate nodules from the Chatham Rise on 14 May. This acceptance step begins a six-month process, starting with the EPA publicly notifying the application and appointing a decision-making committee to consider the application.

The completeness process involved the EPA assessing the content of CRP’s application, which includes a 452-page narrative document plus 35 appendices covering all of the scientific research CRP has undertaken over the past four years.

The application, representing four years’ work and $25 million in investment, is the second seabed mining proposal to be considered under the Exclusive Economic Zone and Continental Shelf (Environmental Effects) Act, and is the only major licence CRP now needs, having gained a mining permit for its phosphate extraction project in December. 

Managing Director Chris Castle said it was another significant milestone.  “The EPA has a time-bound process that enables anyone with an interest to have input.  Having certainty around the process and time frames is very important and we really value the transparency of the regime."

“Throughout the past few months we have continued to work with the groups that have shown an interest in our project.  They are familiar with the content of the application and have had time to think about what we are proposing and to test our approach and raise issues as they have been identified.”

CRP’s phosphate resource, located on the seabed of the Chatham Rise, offers fertiliser security for New Zealand’s primary industry, has big export and import substitution potential, as well as environmental benefits, making it a project of national significance.

It is anticipated that the full application content will be publicly available from 12 June on the EPA website, and also via a link on rockphosphate.co.nz.  People can make submissions during June and July (the dates will be confirmed by the EPA shortly) and a public hearing will be held in September and October.

Chris Castle   +6421 558 185 or chris@crpl.co.nz

NZX Announcement: Completion of Rights Issue and AIM Listing Update

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Dear Chatham Rock Phosphate Shareholder,

This announcement was filed with NZX last night and has just been released this morning.

Regards,

Chris Castle

Chief Executive Officer

Chatham Rock Phosphate Limited

Email: chris@crpl.co.nz

Cell: +64 21 558 185

Skype: phosphateking

www.rockphosphate.co.nz

 

22 April 2014

Completion of Rights Issue and AIM Listing Update

Chatham Rock Phosphate Limited (NZX: CRP) is pleased to advise that it has today allotted new shares under its rights issue to existing shareholders.

The rights issue has been extremely well supported with $1,795,315.95 subscribed out of a maximum of approximately $2.1 million under the offer. Net of oversubscriptions of $182,500, a total of $1,612, 800 was subscribed.  

There was strong interest in the oversubscription facility where applicants could apply for additional shares in excess of the rights they held. A total of 4,016,934 shares were applied for in the oversubscription facility and with this facility limited to 2.8 million shares CRP has had to scale all oversubscription facility applications in accordance with the prospectus. Affected applicants will be refunded excess application monies shortly.

As previously advised the rights issue was fully underwritten and the shortfall of 3,670,690 shares will be placed with the underwriter in approximately one weeks’ time. Full details of today’s allotment to applicants are set out below.

The Board of CRP thanks shareholders for their outstanding support of this offer.

AIM Listing Update

As previously advised to the market CRP intends to undertake a capital raising and secondary listing on London’s AIM market. Considerable work has been progressing in this respect. CRP is pleased to advise that it has secured its advisory team in this respect and has engaged:

·         Nominated Advisor and Broker: Daniel Stewart & Company plc.

·         Lead Financial Advisor and Broker: Wimmer Financial LLP.

·         UK Legal Adviser: Fasken Martineau.

·         Investigating Accountant: BDO.

It is intended to raise approximately NZ$8 million through this capital raising. Pricing for the capital raising has not yet been determined. The proceeds will be applied principally to the costs associated with CRP’s marine consent application and meeting CRP’s overheads ideally until all approvals and contracts are in place for our rock phosphate project on the Chatham Rise.

At present CRP is working through due diligence requirements associated with the capital raising and AIM listing. It is intended that the offering will commence in June. 

Chris Castle

Chief Executive

Email: chris@crpl.co.nz

 

Class of security:  Ordinary shares

ISIN:  NZWENE0003S0

Number issued:  10,751,839 ordinary shares

Issue price:  $0.15 per ordinary share

Payment in cash:  Yes

Fully paid:  Yes

Percentage of class:  6.93%

Purpose of the issue:  As set out in rights issue prospectus

Authority for the issue:  Board resolutions and NZAX Listing Rule 7.3.4

Date of issue:  22 April 2014

Total number of securities on issue following allotments:  155,157,137  ordinary shares

Media Release: Chatham Rock Phosphate files draft Marine Consent application

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Media Release

31 March  2014

Chatham Rock Phosphate today submitted a draft Marine Consent application to the Environmental Protection Authority - the culmination of four years’ work and more than $25 million in investment.

The Marine Consent is the only major licence CRP now needs, having gained a mining permit for its phosphate extraction project in December. The EPA, New Zealand’s environmental regulator, is expected to decide on CRP’s application in November after a full public process.

Including the proceeds of the rights issue presently underway, Chatham has raised over $27 million from its existing shareholders and through placements to qualified investors to finance extensive spending on science-based research.

Managing Director Chris Castle said the CRP team was very proud of the work contained in the application.

“Rigorous research by scientists has considered the relevant facets of what we propose and demonstrates how we can minimise and mitigate environmental impacts.

“We sincerely appreciate the input from all of our stakeholders that has contributed to our thinking. We believe our work will satisfy any issues raised.

“Having done our homework, we know this project stacks up technically, environmentally and financially.”

Mr. Castle said the CRP’s phosphate resource, located on the seabed of the Chatham Rise, offers fertiliser security for New Zealand’s primary industry, has big export and import substitution potential, as well as environmental benefits, making it a project of national significance.

The Environmental Impact Assessment forming the centrepiece of the Marine Consent application will be considered under the Exclusive Economic Zone environmental consenting regime that came into force in June last year as part of the EEZ and Continental Shelf (Environmental Effects) legislation.

The main 300-plus page document is supplemented by more than 30 appendices, mostly scientific reports and models. The information in the EIA will be publicly available on the EPA website, and via a link on rockphosphate.co.nz, once the EPA has accepted the application as complete.  People are then able to read the information, make submissions and attend public hearings during the next six months.

Contact Chris Castle on +64 21 55 81 85 or chris@crpl.co.nz

NZX Announcement: Update to Rights Issue Timetable

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Dear Chatham Rock Phosphate shareholder,

This announcement was released to NZX this morning.

Regards,

Chris Castle

Chief Executive Officer

Chatham Rock Phosphate Limited

Email: chris@crpl.co.nz

Cell: +64 21 558 185

Skype: phosphateking

www.rockphosphate.co.nz

 

24 March 2014

Update to Rights Issue Timetable

Further to the announcements last week, CRP advises that there has been an adjustment to the timetable for its rights issue.

The key change to the timetable is that the rights trading period will now commence this Thursday, 27 March, the same date as the Record Date. The offer period remains the same as previously advised.

An updated timetable for the offer is set out below.

Chris Castle

Chief Executive

Chatham Rock Phosphate Limited

 

Wednesday, 18 March 2014

Prospectus Registration Date

Wednesday, 19 March 2014 until Wednesday, 26 March 2014

FMA consideration period

Thursday, 27 March 2014

Rights trading commences on NZX Alternative Market

Thursday, 27 March 2014 (5pm)

Record Date for determining entitlements

 Friday, 28 March 2014

Prospectus and Entitlement and Acceptance Form mailed to Eligible Shareholders

Friday, 11 April 2014

Rights trading ceases (5.00pm)

Thursday, 17 April 2014

Offer closes (last day for receipt of Entitlement and Acceptance Forms by the Share Registrar) (5.00pm)

Tuesday, 22 April 2014

Allotment date and expected commencement of trading of New Shares applied for by Existing Shareholders.

 Tuesday, 29 April 2014

Allotment date for Shortfall subscribed for by Underwriter.

 

About CRP

CRP holds a strategic, multi-million tonne organic rock phosphate deposit uniquely positioned to access Asian and Australasian fertiliser markets. It was granted a 20-year mining licence in 2013 and has recently applied for new prospecting licences both east and west of its existing licence areas that could significantly increase the scope of resources. CRP is currently finalising its Environmental Impact Assessment for its Marine Consent application.

CRP has appointed Wimmer Financial to manage international capital raising for the company with a view to seeking an AIM Listing in the near future. Wimmer Financial is an international corporate advisory firm, specialising in natural resources, with a global reach through a network of close partners and clients all over the world.

Announcement: Chatham Rock Phosphate advises financing strategy

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Dear Chatham Rock Phosphate shareholder or potential investor,

This announcement was released to NZX a few minutes ago.

If you wish to be added to the underwriting panel for any possible rights issue shortfall, please contact me by return email.

Regards,  

 Chris Castle

Chief Executive Officer

Chatham Rock Phosphate Limited

Email: chris@crpl.co.nz

Cell: +64 21 558 185

Skype: phosphateking

www.rockphosphate.co.nz

 

Media Release

26 February 2014

Chatham Rock Phosphate advises financing strategy

As recently advised CRP Managing Director Chris Castle recently made a repeat visit to London to meet UK based potential investors.

 The visit proved to be successful.

 Meetings were held with a number of investment groups that identified with the project and who indicated their interest in investing by means of private placement, subject to Chatham Rock Phosphate establishing a secondary listing on the London AIM market.

 Accordingly the CRP board has agreed to proceed with the AIM listing process, which is expected only two to three months to complete (as there is no associated public offering).

 In order to maintain our existing momentum, including filing our marine consent application (EIA) in the next few weeks, a decision has also been made to make a very attractively priced rights issue to existing shareholders. Details of this offer will be announced to shareholders on 14 March and the rights will be both renounceable and, subject to NZX approval, tradeable on the NZAX market. Shareholders will also be entitled to apply for shortfall from the offer in addition to their entitlement. It is also intended to establish a panel of underwriters in order to ensure that the issue is fully subscribed.

 CRP holds a strategic, multi-million tonne organic rock phosphate deposit uniquely positioned to access Asian and Australasian fertiliser markets.  It was granted a 20-year mining licence in 2013 and has recently applied for new prospecting licences both east and west of its existing licence areas that could significantly increase the scope of resources.  The company is currently finalising its Environmental Impact Assessment for its Marine Consent application.

 Contact Chris Castle on +64 21 55 81 85 or chris@crpl.co.nz