New Zealand: Chatham Rock Posts Its Annual Report

Chatham Rock Posts Annual Report

Chatham Rock Phosphate Ltd (CRP) had a loss of $1.4 million for the year ended 31 March 2013, reflecting the heightened activity of the company as it works towards gaining a mining licence and marine consent. The result compares with a loss of $741,000 in the comparative period last year.

CRP is developing a seabed rock phosphate resource on the Chatham Rise, about 450 km off the coast of New Zealand.

The past 12 months have been immensely satisfying for the progress achieved towards the company’s goal of starting mining operations in 2015, they stated.

The most significant achievement, from an investor perspective, was the rerating of the company’s share price following several key milestones. At its 46c peak on 9 October 2012, the company’s market value reached nearly $59 million, compared with $8.5 million in January 2012 and $22 million before the issue of shares on 24 September to Royal Boskalis and Subsea Investments.

Driving the rise in the price was CRP submitting its application for a mining licence and the release of the first Edison Research report assessing the company’s unrisked share value at that stage at $1.87.

The share price has since settled at around the 35c mark with a present total market capitalisation of $47.5 million.

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Press Release, June 5, 2013