Chatham Rock to Get Callaghan R&D Grant
- Business & Finance
Chatham Rock Phosphate (CRP) will receive a Callaghan Innovation Research and Development (R&D) Growth Grant.
Callaghan provides R&D Growth Grants to increase R&D investment in businesses. These on-demand, three-year grants provide 20 per cent public co-funding for qualifying firms’ eligible R&D expenditure, capped at $5m per annum. After two years of funding, businesses can be granted a two-year extension of funding.
“We are honoured our project has been recognised. We consider the grant to be a strong endorsement of the innovation CRP has demonstrated since 2010 in developing a pioneering project in the marine mining industry with strong ties to New Zealand’s most important export earner, agriculture,” managing director Chris Castle said.
“The grant will enable CRP to increase its expenditure in innovative parts of our business, supporting and growing New Zealand’s scientific and engineering capability.
“Once production starts, CRP expects to be a $200 million dollar a year business with significant on-going investment in R&D.”
Over the past four years CRP has raised more than $33 million, much of which has been invested in scientific research to prepare the information required for a marine consent and mining permit. CRP is currently in the final stages of its marine consent process, awaiting a decision on its application. It was granted a mining permit in late 2013.