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- Release Date: 22/11/12 19:26
- Summary: GENERAL: CRP: Chatham Rock Phosphate details major milestones
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CRP
22/11/2012 17:26
GENERAL
REL: 1726 HRS Chatham Rock Phosphate Limited
GENERAL: CRP: Chatham Rock Phosphate details major milestones
22 November 2012
Chatham Rock Phosphate details major milestones
A period of major milestones for Chatham Rock Phosphate has resulted in the
company upping its shareholder base by a quarter, doubling its share price
and reaching a market value of more than $50 million.
CRP announced an interim loss of $870,000 for the six months to 30 September,
reflecting the high level of activity undertaken by the company that
culminated in submitting a mining licence application at the end of
September.
The company's shares reached a new high price of 46c in October and have
since settled around the 40c level, a market value of $52 million. During
October shareholder numbers grew from 300 to 400. The peak market value of
nearly $59 million compared with $8.5 million in January 2012 and $22 million
before the issue of 30 million shares on 24 September to Royal Boskalis and
Subsea Investments.
Chief executive Chris Castle said the market re-rating came hard on the heels
of the publication of independent research by Edison Investment Research that
stated CRP shares are worth $1.87 on an un-risked basis.
"It demonstrates the importance of independent research for investors. The
market recognition of our project's value was one of the more satisfying
outcomes of the hard work put in by the team."
Another key report was an assessment by the Institute of Economic Research
that said New Zealanders would be $1.3 billion better off as a result of
developing the CRP resource. At least $800 million of that will accrue to
people with no ownership in CRP. It represents an annual wealth injection of
$180 million.
"We have generated a lot of momentum for this project and remain on track to
achieve our ultimate goal of going into production on or before New Year
2015." Major tasks remaining are to:
- Raise the last $US9.5 million needed to finance the work that will take us
to the start of production
- Refine our mining system design so we can start detailed designs early in
2013
- Complete our environmental consent application to submit as soon as the EEZ
regulations are complete, hopefully in the first half of 2013
- Modify the Royal Boskalis ship that will mine the rock phosphate (planned
for 2013-14)
- Receive our mining licence and marine consents (expected during 2013).
Chris Castle - +64 21 55 81 85 or [email protected]
End CA:00230123 For:CRP Type:GENERAL Time:2012-11-22 17:26:15
