CRPL lists on Frankfurt bourse

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CHATHAM ROCK PHOSPHATE LIMITED LISTS ON FRANKFURT BOURSE

 WELLINGTON New Zealand – Chatham Rock Phosphate Limited (TSXV: “NZP” and NZAX: “CRP” or the “Company") wishes to announce that it has listed on the Frankfurt Stock Exchange, to make it easier for its burgeoning international investor base to trade their shares.

The latest move follows the completion of Chatham’s listing on the TSX Venture Exchange in March after a friendly reverse takeover of Antipodes Gold.  Chatham has been listed on the New Zealand Alternative Exchange (NZAX) since 2006, when it was originally named Widespread Energy.

Investors domiciled in Singapore, Switzerland, United Kingdom, Germany, the Netherlands and North America have supported recent capital raisings by Chatham.

About 60 per cent of shares are held by New Zealanders. 

“We continue to enjoy strong investor interest in Europe, North America and Asia, so we are facilitating the trading in our shares,” Managing Director Chris Castle said today.

Chatham’s ticker code in Frankfurt is 3GRE.

The link to the company’s page on the Frankfurt exchange is: http://en.boerse-frankfurt.de/stock/Chatham_Rock_Phosphate_1-share. This link is also located on the home page of our website next to the links for the TSX.V and NZAX market price.  

For further information please contact

Chris Castle
64 21 55 81 85
chris@crpl.co.nz
www.rockphosphate.co.nz

Neither the Exchange, its Regulation Service Provider (as that term is defined under the policies of the Exchange), or New Zealand Exchange Limited has in any way passed upon the merits of the Transaction and associated transactions, and has neither approved nor disapproved of the contents of this press release.

Completion of Merger

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16 March 2017

AUCKLAND New Zealand – Chatham Rock Phosphate Limited (formerly “Antipodes Gold Limited”) (TSXV: “NZP” and NZAX: “CRP” or the “Company") is pleased to announce, further to its news release of February 24, 2017, that it has completed the acquisition of the remaining 7% of the issued shares of Chatham Rock Phosphate (NZ) Limited (“CRPNZ”).

These acquisitions were completed by way of a combination of processing additional acceptances of the takeover offer received by the Company and by way of compulsory acquisition procedures under the provisions of the (New Zealand) Takeovers Code.  As a result, the Company now owns 100% of the issued and outstanding shares of CRPNZ and its NZAX trading symbol has been changed from AXG to CRP.

In total, the Company issued 12,272,776 common shares to the former shareholders of CRPNZ in consideration for the acquisition of a 100% interest CRPNZ. Following completion of the 10:1 share consolidation, the takeover of CRPNZ and the debt settlements described in the Company’s news release of February 24, 2017, the Company now has a total of 13,627,813 issued and outstanding common shares and Mandatory Warrants exercisable into an additional 379,214 common shares.

Antipodes Gold was renamed Chatham Rock Phosphate on February 24, 2017 and now owns the “old” Chatham Rock Phosphate 100%.  It is business as usual for the combined company.

The “new” Chatham Rock Phosphate is stock exchange listed in both New Zealand and Canada, with its primary listing being on the TSXV in Canada where its trading symbol is NZP.  Since the reconstructed company started trading in Canada sales have been at 68 and 70 cents.  In NZ currency terms the most recent sale price of 70 in Canada is equivalent to 75 cents.

In New Zealand, the last sale price on the NZAX, pre-merger, was $0.09 implying a post-merger share price of 65.59 times that, or 59 cents.  Subsequently there have been small sales here in NZ at 50, 48 and 43 cents.  To summarise, our shares are trading at 43 cents in one market and 75 in the other.

This anomalous situation is not desirable but also not unusual in dual listed stocks as investors in one market are not necessarily aware of the market price in the other.  

In order to better inform our shareholders, the home page of Chatham’s website (www.rockphosphate.co.nz) now has links to our market prices on both markets.  Just click the links on the right hand side of the home page.

Please call me or e-mail me if this is not clear and I will be pleased to help.

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

Neither the Exchange, its Regulation Service Provider (as that term is defined under the policies of the Exchange), or New Zealand Exchange Limited has in any way passed upon the merits of the Transaction and associated transactions, and has neither approved nor disapproved of the contents of this press release.

Takeover Update and De-listing of CRP

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24 February 2017
Takeover Update and De-listing of CRP

On 23 December 2016, Antipodes Gold Limited (AXG) launched a takeover offer (Offer) for all of the equity securities in Chatham Rock Phosphate Limited (CRP). The Offer is now unconditional and AXG holds acceptances under the Offer in respect of more than 90% of CRP’s voting securities.  

In accordance with the Takeovers Code, AXG will compulsorily acquire the CRP equity securities that have not, to date, been accepted into the Offer.  To this effect, AXG issued an acquisition notice under the Takeovers Code on 21 February 2017.

This acquisition notice has been sent to all CRP shareholders that have not accepted the Offer. This notice together with the Offer document and target company statement prepared under the Takeovers Code can be viewed under CRP’s market announcements at https://www.nzx.com/markets/NZAX/securities/CRP. 

On 15 March 2017, the compulsory acquisition process will be completed.  On this date, CRP will become a wholly-owned subsidiary of AXG and accordingly CRP intends to de-list from the NZX Alternative Market after the close of market on this date.

In anticipation of this delisting, trading in CRP shares will be suspended on the NZX Alternative Market after the close of market trading on Tuesday, 28 February 2017. CRP shareholders that have not accepted the Offer are able to trade their shares prior to the suspension of trading. Please note however that under Part 7 of the Takeovers Code, AXG now has the right to compulsorily acquire all outstanding CRP shares that it does not already own or control.

The full timetable for the de-listing follows.

For and on behalf of the Board,
Chris Castle
Managing Director

Date and Time Event
21 February 2017 Compulsory acquisition notice sent by AXG to all outstanding shareholders to compulsorily acquire their CRP shares pursuant to the Takeovers Code.
After close of market trading on 28 February 2017 CRP shares become suspended from trading on the NZX Alternative Market.
11.59pm on 14 March 2017 Deadline for outstanding CRP shareholders to return a completed instrument of transfer under the compulsory acquisition provisions of the Takeovers Code (note: instructions for returning an instrument of transfer and consequences for not returning it by this time are set out in AXG’s announcement of 21 February 2017 – see link to the relevant document attached to this announcement here: https://www.nzx.com/files/attachments/253410.pdf).
15 March 2017 Date by which AXG will complete the compulsory acquisition process.
15 March 2017 Date CRP will be delisted from the NZX Alternative Market.

Notice of Offer Becoming Unconditional

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Dear Chatham Rock Phosphate shareholders,
We received this letter from Antipodes Gold yesterday. 
 
17 February 2017
 
Chatham Rock Phosphate Limited
Level 1, 93 Terrace
Wellington, 6011
New Zealand
 
By email:  chris@widespread.co.nz
 
RULE 49C(3) NOTICE OF OFFER BECOMING UNCONDITIONAL
 
We refer to the offer by Antipodes Gold Limited (AXG) for a full takeover for all of the equity securities in Chatham Rock Phosphate Limited (CRP), dated
23 December 2016 (Offer).
 
AXG hereby gives notice that:
 
•    AXG has received acceptances in respect of CRP's fully paid ordinary shares which, on registration of the transfer of those ordinary shares will result
in AXG holding or controlling 50% or more of the voting rights in CRP;
 
•    AXG waives the condition in paragraph 5.1.1 of the Offer document which requires it to obtain acceptances in respect of 90% of CRP's voting securities; and
 
•    AXG confirms satisfaction of the conditions contained in paragraph 6.1 of the Offer document.
 
Accordingly, the Offer is now unconditional in all respects. In accordance with the Takeovers Code, AXG will be transferred the CRP shares held by
acceptors of the Offer and will issue new AXG shares to those acceptors within 7 days.
 
At present AXG has received acceptances under the Offer of approximately 87.53% of CRP's voting securities and in respect of all of its non-voting
securities. AXG understands that further acceptances of approximately 2.5% are likely to be received in the coming days. Accordingly AXG expects to
exceed a 90% level of acceptance of voting securities by the end of next week and then commence the compulsory acquisition procedure under the Takeovers
Code.
 
For and on behalf of Antipodes Gold Limited
 
Peter Liddle
Chief Financial Officer
 
 
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
 

Shareholder Update, February 2017

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2017 Roadmap

To start off the New Year, the CRP team convened to undertake a major stock take of where the project is currently sitting and to plan next steps. 

As part of this we contracted an independent environmental specialist to undertake a gap analysis of the project to order to optimise our resubmission strategy.

A two-day session in Wellington last week proved highly stimulating, providing masses of food for thought and resulted in a large number of actions.

While the stock take and resubmission strategy showed we’re in pretty good shape, there’s still a huge amount to do for a second application.

It’s too early to provide a time frame yet but we are all focused on the various requirements.  Once we’ve firmed up a couple of key issues, we’ll provide an update on timeframes and the scope of the work required. 

 

Watching TTR

To help inform our strategy, we continue to closely follow progress of the Trans Tasman Resources’ reapplication to mine iron sands off the Taranaki coast. 

The hearing is due to start on 16 February and could take up to two months, with a decision due after a further 20 working days.  These timeframes are indicative.

The Environmental Protection Authority, which is running the application process, is regularly updating its website regarding the application.  Check out:  

 

Friendly Takeover

We now have acceptances totalling 83.6% for the reverse takeover of CRP by Antipodes Gold.  We have extended the offer so we can get to the 90% mark and will then be able to compulsorily acquire the final few shares.  

We’d really like to wrap this up as quickly as possible so encourage you to file your acceptance as soon as possible so we can start focusing on our Marine Consent reapplication. Every acceptance makes a difference right now. 

The aim of this transaction is to be listed on the TSX Venture market in Canada. The Board considers that obtaining an overseas listing in a recognised mining market will help facilitate future financings and liquidity in CRP’s shares.

CRP shareholders are being offered one share for every 65.59 CRP shares held, following a 10:1 consolidation by Antipodes Gold. At today’s market price in Canada the offer is effectively worth CAD 50 cents (or NZD 52.6 cents) for 65.59 shares or .8 cents per share. This is at a premium over recent market prices for CRP shares. 

When Antipodes acquires 100% of CRP’s shares, the final percentages in the company once the Offer is complete will be as follows:

Shareholder Group Securities on issue following completion of Offer Percentage
CRP shareholders 12,651,967 90.33%
AXG shareholders 1,355,017 9.67%
Total 14,006,984 100%

PDAC

CRP will have its annual presence at the PDAC (Prospectors and Developers Association of Canada) convention, held in Canada every March. Our booth number if you are passing is #2752.

While the weather is generally bitterly cold, our attendance each March is a great opportunity to talk to investors and other parties with an interest in our project.  Our upcoming listing in Toronto also makes it excellent timing.  I’m combining the trip with a visit to existing and potential investors in Europe.

 

Dutch Government research grant

Chatham Rock Phosphate and its Dutch technical partners Boskalis and Deltares have received Dutch government research funding to improve the environmental management of marine mining. 

The increased global interest in the economic and environmental outcomes of marine mining for resources such as phosphate, manganese nodules and polymetallic sulphides has highlighted the need to develop tools and methods to predict, adaptively manage and reduce the environmental effects of marine mining.

The research project will investigate the behaviour of re-deposited material using a combination of state of the art laboratory analyses and computer modelling to assess both the plume dispersion and the continuous process of settling, deposition and bed formation of sand and silt. The results will reduce the uncertainties regarding predicting re-suspension and dispersion of the material being returned to the seabed.

This jointly developed project will make computer models of plume dispersion more realistic and will look at ways to adaptively manage re-deposited sand and silt in deep water. Additionally, the project will investigate the use of flocculants, natural materials that can be added to the returned sand and silt to make the sediment plume settle from the water more quickly. This may be the first time flocculants have been considered for deep water mining or dredging.

The Dutch Ministry for Economic Affairs stimulates public-private partnerships between research organisations and companies by awarding funds to reviewed high quality research proposals. 

The results are being developed using the vast amount of data already available for the Chatham Rise marine mining project, but will have direct relevance to all projects in the offshore mining and dredging industry.

 

In a nutshell

You can be our advocates whenever our project is raised in conversation.  To remind you why we continue to believe the Chatham Rise project remains hugely important for New Zealand, here are the 5 key reasons: 

The benefits
1. Environmental benefits
  • much lower run off to lakes and rivers
  • very low cadmium
  • much lower carbon footprint
2. Security of fertiliser supply for farmers
  • enables New Zealand to have its own supply without depending on other countries
3. An ethical source
  • New Zealand’s main source of phosphate is from a disputed territory
  • not exporting our environmental footprint to countries mining phosphate where it involves severe social and environmental distress
4 Highly profitable
  • forecast annual earnings of $90 million before royalties and tax, with low mining costs - equivalent to shipping cost
5. Good for New Zealand
  • $34 million in annual taxes and royalties, millions in port charges
  • high-value, knowledge-based jobs in the port, on the mining ship, doing environmental
    monitoring and scientific research, in agriculture and hospitality and the Chatham Is
  • New Zealand could become a world leader in marine technology and expertise potentially worth billions of dollars
  • our work at sea enhances knowledge of our marine environment to help identify areas most deserving of conservation

Regards,

Chris Castle, Managing Director
chris@crpl.co.nz or +64 21 55 81 85

 

 

Antipodes Gold Limited Takeover Offer for Chatham Rock Phosphate Limited

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Dear Shareholders

Firstly, thank you to the 466 CRP shareholders, holding approximately 73% of shares, who have already accepted the Antipodes takeover offer (Offer).

And, another thank you to those shareholders who have contacted me with queries about the Offer. While there was a swathe of documentation sent to shareholders in relation to the Offer, sadly this was a legal necessity.

Given the queries received to date, the purpose of this letter is to help provide a clear summary of the purpose, method and terms of the Offer.

Purpose of Offer

In a nutshell, the Offer will, if successful, result in CRP acquiring Antipodes’ remaining cash and its TSX-V listing, for about 10% of CRP’s capital.

Antipodes is a cashed up shell company with no current business interests or activity (apart from the Offer). However, it is listed in Canada on the TSX Venture Exchange (TSX-V), recognised by many as a pre-eminent mining market. Combined with the residual cash it holds, Antipodes has been valued under the Offer at $575,109.

CRP, listed on the NZX Alternative Market (NZAX), has a significant business activity in seeking to secure the marine consent for the Chatham Rise phosphate resource and to then proceed to development and mining. CRP is valued at $5.3 million under the Offer.
That means CRP is valued at close to 10 times the value of Antipodes for the purposes of the Offer.

Completion of the Offer will list CRP on a market (TSX-V) where the ability of CRP to access capital from international investors should be enhanced. Approximately 44% of CRP’s shares are already held by overseas based shareholders. This is precisely why CRP directors initiated and support this transaction. International investors have been vital for capital to date and are expected to remain so in the future.

Method

The Offer is referred to as a Reverse Takeover Offer (RTO) because Antipodes will need to issue so many shares, CRP shareholders will end up being the dominant shareholders of Antipodes following completion of the Offer.

If the Offer is completed and all CRP shareholders have accepted, CRP shareholders will hold over 90% of the enlarged Antipodes capital. Antipodes will have CRP as a subsidiary and change its name to “Chatham Rock Phosphate”. In essence, AXG becomes CRP.

Terms

How was the comparative offer ratio arrived at? As explained in the Offer document (and commented on in the Independent Advisor’s report), the methodology to calculate the relative values of the CRP and Antipodes for the Offer was agreed in July 2015. It took the ensuing months to resolve various approvals and legal requirements.

As of 8 December 2016, that calculation derived a ratio of one Antipodes share for each 65.59 CRP shares after Antipodes shares consolidate on the basis of one new share for every 10 old shares. With AXG shares currently trading at 4.5 Canadian cents per share (NZ4.7 cents), post the Offer and consolidation this would translate to each AXG share that a CRP shareholder receives under the Offer having a market value of 47 NZ cents. In simple terms, CRP shares are consolidated through the course of the Offer.

The CRP directors suggest that shareholders assess the merits of the Offer on the basis of the
dilution cost to CRP shareholders. The Offer will dilute CRP shareholders by 9.67%. For that dilution cost CRP obtains the foreign listing and cash. The CRP board considers that the benefits of the Offer outweigh the ‘cost’ of this dilution.

While CRP shareholders are following the relative share prices of the two companies, ultimately the share price of the renamed TSX-V-listed Chatham Rock Phosphate will be a function of how the Canadian (and world markets) assess the value of CRP’s phosphate assets.
It would be logical that post-merger the market capitalisation of the combined company could soon reflect the market value before the merger proceeded (being $8.3 million for CRP) and the value attributed to Antipodes ($573,000).

Most CRP shareholders have recognised this is a good move for CRP to take and have accepted the Offer. The directors of CRP support the Offer because it will achieve a cost-effective overseas listing of CRP on a market with more direct access to international investors.

I encourage you to do as I, my fellow directors and our major shareholders have done, and accept the Offer.

Although the closing date for the Offer is now 28 February 2017, shareholders are encouraged to accept the Offer as soon as possible rather than waiting for a date closer to the closing date. This is important as CRP desires to complete the merger quickly in order to recommence activities that have been halted for several months by the merger process.

As always, please address any remaining concerns to me and I will respond.

Chris Castle
Chief Executive
chris@crpl.co.nz, + 64 21 558 185

NZX Announcement: Receipt of Takeover Notice

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8 December 2016
Receipt of Takeover Notice

Pursuant to Rule 42 of the Takeovers Code, Chatham Rock Phosphate Limited (NZX:CRP) gives notice that it has today received notice (Takeover Notice) under the Takeovers Code from Antipodes Gold Limited (Antipodes) of Antipodes’ intention to make a full takeover offer for 100% of the equity securities in CRP (Offer).
Please see attached a copy of the Takeover Notice and the documents that accompanied it under Rule 41 of the Takeovers Code.

Background to Offer

Shareholders will be aware that CRP has been working with Antipodes for some time to proceed with the Offer. The Offer is in effect a reverse takeover. In particular, if the Offer is successful it will have the effect of CRP having its primary listing on the TSX Venture Market in Canada with a secondary listing on the NZAX market in New Zealand.
The Board considers that obtaining an overseas listing in a recognised mining market is in the best interests of CRP and should help facilitate future financings and liquidity in CRP’s shares.

CRP Board Response

In response to the Offer, the Board of CRP has:

  • formed a committee of independent directors (Independent Committee), comprising Robert Goodden, Robin Falconer and Jill Hatchwell to consider the Offer and to oversee preparation of the target company statement.
  • appointed Northington Partners Limited to prepare the independent report required under the Takeovers Code on the merits of the Offer.

It is intended for the Northington Partners’ independent report and the target company statement sent to CRP shareholders together with the finalised Offer document just prior to Christmas.

Offer Terms

Please carefully review the Takeover Notice and the other documents provided by Antipodes, as these documents set out the terms of the Offer. For convenience we set out below certain material terms of the Offer as drafted:

  • Antipodes is offering CRP shareholders common shares in Antipodes (Consideration Shares) in consideration for their CRP shares.
  • CRP shareholders will be offered one (1) Consideration Share for every 65.59 CRP shares held. Antipodes will complete a 10:1 consolidation of its common shares immediately prior to issuing the Consideration Shares. If the Offer is successful and Antipodes acquires 100% of CRP’s equity securities, the final shareholding percentages in Antipodes following completion of the Offer will be as follows:
Shareholder Group Antipodes securities on issue
following completion of Offer		 Percentage
CRP shareholders 12,651,967 90.33%
AXG shareholders 1,355,017 9.67%
Total 14,006,984 100%
  • The Offer is conditional on acceptances representing 90% of all CRP shares. Antipodes does however have the ability to waive this condition to 50% in accordance with the Takeovers Code.
  • The Offer is intended to open on 23 December 2016 and remain open until 5pm on 31 January 2017, unless extended in accordance with the Takeover Code.
  • If the Offer is successful the CRP Board would essentially replace the current Antipodes Board and Antipodes will change its name to Chatham Rock Phosphate. CRP will inherit net cash held by Antipodes of approximately $250,000.

Next Steps

The Independent Committee will further consider the merits of the Offer following receipt of the independent report from Northington Partners and will revert to shareholders with a recommendation in accordance with the Takeovers Code in the next two weeks.

For and on behalf of the Board,

Chris Castle
Managing Director

NZX Announcement: Chatham, Deltares and Boskalis receive Dutch Government research grant

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Chatham, Deltares and Boskalis receive Dutch Government research grant

Chatham Rock Phosphate and its Dutch technical partners Boskalis and Deltares have received Dutch government research funding to improve the environmental management of marine mining. This co-funding has been awarded by The Netherlands based Topsector Water TKI Delta technology.

The increased global interest in the economic and environmental outcomes of marine mining for resources such as phosphate, manganese nodules and polymetallic sulphides has highlighted the need to develop tools and methods to predict, adaptively manage and reduce the environmental effects of marine mining.

Lack of field observations
Adapting computer-modelling tools to predict plume dispersion for deep-sea mining (or dredging) operations is hampered by a lack of field observations in these environments.
It is possible to validate hydrodynamic and sediment resuspension models by deploying sensors for field observations over several months. Validating the predicted sediment plume dispersion is much more difficult as it requires a large-scale source of suspended material in the water such as trial mining. Trial mining requires an environmental permit, which usually requires knowledge of the sediment plume behaviour.

The research project will investigate the behaviour of re-deposited material using a combination of state of the art laboratory analyses and computer modelling to assess both the plume dispersion and the continuous process of settling, deposition and bed formation of sand and silt. The results will reduce the uncertainties regarding predicting re-suspension and dispersion of the material being returned to the seabed.

Ways to adaptively manage re-deposited sand and silt
This jointly developed project will make computer models of plume dispersion more realistic and will look at ways to adaptively manage re-deposited sand and silt in deep water. Additionally, the project will investigate the use of flocculants, natural materials that can be added to the returned sand and silt to make the sediment plume settle from the water more quickly. This may be the first time flocculants have been considered for deep water mining or dredging

Public-private partnerships
The Dutch Ministry for Economic Affairs stimulates public-private partnerships between research organizations and companies in the Topsector Water TKI Delta technology by allocating and awarding funds to reviewed high quality research proposals. Deltares is an independent institute for applied research in the field of water, subsurface and infrastructure, and Boskalis is a marine services company. Chatham Rock Phosphate
intends to apply for a marine consent to extract rock phosphate from the seabed on the Chatham Rise, east of New Zealand.

The results are being developed using the vast amount of data already available for the Chatham Rise marine mining project, but will have direct relevance to all projects in the offshore mining and dredging industry

Chris Castle
CEO
Chatham Rock Phosphate Limited
+64 21 558 185
chris@crpl.co.nz

About Deltares
Deltares is an independent institute for applied research in the field of water and subsurface. Throughout the world, we work on smart solutions, innovations and applications for people, environment and society. Our main focus is on deltas, coastal regions and river basins. Managing these densely populated and vulnerable areas is complex, which is why we work closely with governments, businesses, other research institutes and universities at home and abroad. Our motto is Enabling Delta Life. As an applied research institute, the success of Deltares can be measured in the extent to which our expert knowledge can be used in and for society. For Deltares the quality of our expertise and advice comes first.

About Royal Boskalis Westminster
Royal Boskalis Westminster N.V. is a leading global services provider operating in the dredging, maritime infrastructure and maritime services sectors. The company provides creative and innovative all-round solutions to infrastructural challenges in the maritime, coastal and delta regions of the world with services including the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection. In addition, Boskalis offers a wide variety of marine services and contracting for the oil and gas sector and offshore wind industry as well as salvage solutions (SMIT Salvage). Furthermore, Boskalis has a number of strategic partnerships in harbour towage and terminal services (KOTUG SMIT Towage, Keppel Smit Towage, Saam Smit Towage and Smit Lamnalco). With a versatile fleet of 1,000 units Boskalis operates in around 75 countries across six continents. Boskalis has over 8,200 employees, excluding its share in partnerships.

About Chatham Rock Phosphate
Chatham Rock Phosphate, a publicly listed company, was granted a mining permit in 2013 to develop New Zealand’s only significant source of environmentally friendly pastoral phosphate fertiliser and is now preparing for a revised environmental consent application.

Our role as custodian of this resource is focused on delivering a secure and sustainable local supply of low-cadmium phosphate that will reduce fertiliser run-off into waterways, produce healthier soils and shrink fertiliser needs over time.

The resource has an estimated worth of $5 to $7 billion, representing one of New Zealand’s most valuable mineral assets and is of huge strategic significance because phosphate is essential to maintain New Zealand’s high agricultural productivity. Local and international investors have contributed more than $40 million to develop the project’s financial viability, environmental benefits and impacts, technical and logistical requirements, local and international product uses.

We propose to extract up to 1.5 million tonnes of phosphate nodules from the top half metre of sand on identified parts of an 820km2 area on the Chatham Rise, 450km off the west coast of New Zealand, in waters of 400m. Our environmental consenting process has established extraction would have no material impact on fishing yields or profitability, marine mammals or seabirds.

In progressing plans to submit a new application we are working with government officials to seek improvement in the permitting process and iwi, academic, industry and central government input to ensure New Zealand can benefit from an environmentally superior phosphate source.

Progress is continuing to achieve a Toronto Stock Exchange listing, to provide a more useful share-trading platform for overseas shareholders and facilitate the capital raising needed for the consenting process and beyond.

We are also seeking to own other sustainable rock phosphate sources, to move from being a single project company and take more control of our destiny.

NZX Announcement: Chatham describes how the use of RPR will improve water quality in NZ

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24 November 2016

OVERSEER is a software tool widely used by New Zealand farmers and their advisors to tailor fertiliser use to optimise farm production while minimising environmental impacts. 

Developed originally by AgResearch, it’s now jointly owned with the Ministry of Primary Industries and the Fertiliser Association. An independent organisation, Overseer Ltd, has been licensed to use the OVERSEER IP to create a sustainable business that delivers OVERSEER to users.   

Recently the software application was upgraded and the latest version 6.2.3 was used to compare various farming scenarios to assess what impact changing the type of phosphate  fertiliser used has on the amount of P loss to water. In all scenarios evaluated the use of RPR resulted in less phosphate loss to water than would be the case with soluble phosphate fertilisers such as Superphosphate.  

When OVERSEER was used to compare various farming scenarios the P loss was on average 18% lower when RPR fertiliser was used compared to using Superphosphate.  According to independent studies, changed farming practices resulting from using RPR over an extended period could result in up to 80% less phosphate run-off.  

This advance provides more evidence for farmers and their advisors that RPR offers a more environmentally friendly source of phosphorus to New Zealand farmers. Over time this should result in increased use of RPR as it is substituted for superphosphate and other phosphate fertilisers. 

This is very relevant to Chatham Rock Phosphate because our rock phosphate is a particularly effective form of reactive rock phosphate, demonstrated by extensive field trials undertaken in the mid-1980s and reinforced by recent tests. 

As well as representing a secure local source, Chatham Rise-sourced RPR contains ultra-low levels of cadmium levels and creates far fewer carbon emissions, so has a much lower carbon footprint than current northern hemisphere supplies.

As the Chatham Rise deposit will likely not be mined until 2020, we have identified several overseas sources of RPR and can import this rock on request. We are already working with a private New Zealand-based fertiliser company to satisfy the existing demand for reasonably priced material.    

 

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

 

About Chatham Rock Phosphate

Chatham Rock Phosphate, a publicly listed company, was granted a mining permit in 2013 to develop New Zealand’s only significant source of environmentally friendly pastoral phosphate fertiliser and is now preparing for a revised environmental consent application.

Our role as custodian of this resource is focused on delivering a secure and sustainable local supply of low-cadmium phosphate that will reduce fertiliser run-off into waterways, produce healthier soils and shrink fertiliser needs over time. 

The resource has an estimated worth of $5 to $7 billion, representing one of New Zealand’s most valuable mineral assets and is of huge strategic significance because phosphate is essential to maintain New Zealand’s high agricultural productivity. Local and international investors have contributed more than $40 million to develop the project’s financial viability, environmental benefits and impacts, technical and logistical requirements, local and international product uses.

We propose to extract up to 1 million tonnes of phosphate nodules from the top half metre of sand on identified parts of an 820m2 area on the Chatham Rise, 450km off the west coast of New Zealand, in waters of 400m. Our environmental consenting process has established extraction would have no material impact on fishing yields or profitability, marine mammals or seabirds.

In progressing plans to submit a new application we are working with government officials to seek improvement in the permitting process and iwi, academic, industry and central government input to ensure New Zealand can benefit from an environmentally superior phosphate source. 

Progress is continuing to achieve a Toronto Stock Exchange listing, to provide a more useful share-trading platform for overseas shareholders and facilitate the capital raising needed for the consenting process and beyond.

We are also seeking to own other sustainable rock phosphate sources, to move from being a single project company and take more control of our destiny.

NZX Announcement: Namibian green light for marine phosphate mining “hugely significant”

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21 October 2016

Namibian green light for marine phosphate mining “hugely significant” 

Chatham Rock Phosphate chief executive Chris Castle today welcomed as “hugely significant” the decision by Namibia’s Ministry of Environment and Tourism to issue an environmental clearance to extract phosphate off the Namibian coast.

“It’s a major step forward as Namibia has effectively removed the “first mover” risk hindering other similar marine phosphate mining applications in New Zealand and Mexico. The catch cry “it’s never been done before” goes out the window with this decision”.

Mr Castle said it also opens the door for Chatham to advance its own Namibian permit applications.

Chatham applied in 2012 for prospecting permits over 5 distinct areas well offshore Namibia, some not far from the area held by Namibian Rock Phosphate. These 2012 applications were lodged with the confidence that, based on research undertaken to date, this area of the seabed likely contains substantial quantities of rock phosphate.  

“Perhaps even more significantly it signals the recognition that, with the appropriate environmental requirements, marine sources of phosphate will be an important contributor to supplying the world’s needs for this mineral that is critical to meeting the increasing demand to grow food.”

He said the Namibian government requirements appear to be set at an appropriate level of rigour.

Namibian Marine Phosphate was awarded mining permits by the Ministry of Mines and Energy to extract marine phosphate 120 km southwest of the port of Walvis Bay but mining was delayed by a moratorium while environmental issues were considered.

Environmental Commissioner Teofilus Nghitila said the licence was issued based on the environmental impact assessment and management plan submitted by the company and serves as an environmental clearance certificate for the project to commence. Nghitila said the information is sufficient as it made provision for environmental management regarding the proposed phosphate mining.

Among the requirements are:

  • regular environmental monitoring and evaluation on the project with targets established and monitored including seabed and water monitoring and quarterly reports provided to the environment ministry
  • the ministry reserves the right to attach further legislative and regulatory conditions during the operational phase of the project
  • the clearance is valid for three years
  • the company should obtain further environmental clearance for onshore processing plants
  • an annual report on the implementation of the environmental management plan
  • the company should fund the establishment of a centre of excellence to monitor the impact of phosphate mining on the marine ecosystem, through which generic standards and guidelines for monitoring marine phosphate mining, processing and beneficiation in Namibia could be developed
  • data generated must be shared with the competent authority to contribute to the body of knowledge in the field of marine ecosystems and phosphate mining
  • technology used should be top-of-the-range to avoid causing unnecessary environmental impacts
  • the proposed mining and processing techniques must be reviewed jointly by the company and the regulator against the results of annual environmental monitoring
  • The environmental clearance certificate will be withdrawn should negative environmental impacts associated with phosphate mining be observed.

Environment minister Pohamba Shifeta said the public is free to appeal and he will then decide whether it is based on merit before agreeing with Nghitila's recommendations. Public objections should be directed to his office within a set period.

“Namibia appears to be adopting an adaptive management approach not inconsistent with that included in Chatham’s earlier application for a marine consent”. 

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

 

About Chatham Rock Phosphate

Chatham Rock Phosphate, a publicly listed company, was granted a mining permit in 2013 to develop New Zealand’s only significant source of environmentally friendly pastoral phosphate fertiliser and is now preparing for a revised environmental consent application.

Our role as custodian of this resource is focused on delivering a secure and sustainable local supply of low-cadmium phosphate that will reduce fertiliser run-off into waterways, produce healthier soils and shrink fertiliser needs over time.

 The resource has an estimated worth of $5 to $7 billion, representing one of New Zealand’s most valuable mineral assets and is of huge strategic significance because phosphate is essential to maintain New Zealand’s high agricultural productivity. Local and international investors have contributed more than $40 million to develop the project’s financial viability, environmental benefits and impacts, technical and logistical requirements, local and international product uses.

 We propose to extract up to 1 million tonnes of phosphate nodules from the top half metre of sand on identified parts of an 820m2 area on the Chatham Rise, 450km off the west coast of New Zealand, in waters of 400m. Our environmental consenting process has established extraction would have no material impact on fishing yields or profitability, marine mammals or seabirds.

In progressing plans to submit a new application we are working with government officials to seek improvement in the permitting process and iwi, academic, industry and central government input to ensure New Zealand can benefit from an environmentally superior phosphate source.

Progress is continuing to achieve a Toronto Stock Exchange listing, to provide a more useful share-trading platform for overseas shareholders and facilitate the capital raising needed for the consenting process and beyond.

We are also seeking other sustainable rock phosphate sources, to move from being a single project company and take more control of our destiny.