New Zealand: CRP Files Draft Marine Consent Application

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

Mr. Castle added that 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.

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Press Release, March 31, 2014