CRP Seeks New Capital to Fund Its Marine Consents Application (Australia)

On 6 December Chatham Rock Phosphate (CRP) was granted a mining permit by New Zealand authorities.

This resolved a major area of uncertainty and does much to put CRP back on track. However, timings have suffered, which has weighed on CRP’s funding position and investor sentiment. CRP is now seeking NZ$6m of new capital to fund its application for marine consents. It expects to lodge its applications late in Q1 CY14, with a decision required under law before the end of 2014.

Marine consents represent CRP’s final and most critical approval milestone, after which a final investment decision can be contemplated.

2014 to be a defining year

The mining permit capped a mixed 2013 for CRP. H1 CY13 was marked by strong positive momentum, while H2 saw progress slow materially. The granting of its mining permit does much to put CRP back on track leading into what will be a defining 2014.

The participation of CRP’s planned contract mining partners, Royal Boskalis, is fundamental to CRP’s execution plan. It is Boskalis, not CRP, that will be spending the c US$300m required to fund the project’s operating infrastructure.

While we understand that Boskalis remains committed, its own confidence is likely to have been affected by the delays of H2 CY13. Positive outcomes from discussions planned over the next few weeks will be important towards reassuring CRP investors of Boskalis’s commitment,” they announced.

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Press Release, January 17, 2014

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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