Ann: MINE: CRP: Chatham Rock Phosphate files mini

• Release Date: 28/09/12 18:05
• Summary: MINE: CRP: Chatham Rock Phosphate files mining licence application
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CRP
28/09/2012 16:05
MINE

REL: 1605 HRS Chatham Rock Phosphate Limited

MINE: CRP: Chatham Rock Phosphate files mining licence application

28 September 2012

Chatham Rock Phosphate files mining licence application

Chatham Rock Phosphate today achieved another major milestone on the pathway
to developing its subsea resource on the Chatham Rise by filing its mining
licence application with New Zealand Petroleum and Minerals.

The application is the culmination of two and a half years work since the
company was granted a prospecting licence in February 2010.

"The application is a comprehensive summary of the scientific work we have
completed and our plan on how we intend to extract the rock phosphate
resource," Chief Executive Chris Castle said today. "It's a very significant
achievement reflecting a huge effort by a very skilled scientific and
management team."

Establishment of a rock phosphate industry in New Zealand territorial waters
will have significant economic, environmental and market benefits.

Mr Castle said the mining licence would be assessed by NZPM over the coming
months.  CRP plans to file its marine consent application, whose centrepiece
will be a comprehensive environmental impact assessment report, in the first
half of next year.

"We plan to issue the marine consent application as soon as the regulations
for the EEZ legislation are complete.  The current timing for this is April
or May 2013, but if the regulations take longer to finalise, we will consider
filing the application under the transitional provisions of the existing
Continental Shelf Act.

"We need to keep the project timeline aligned with the major capital
investment that will be made to develop the required mining technology."

The mining licence application includes information on the rationale for the
application; technical data on the location, physiography, climate, local
resources and infrastructure, geology and understanding of the resource;
CRP's proposed work programme; its approach to environmental planning (full
information will be included in the marine consent application); the
company's ability to manage the project and an independent economic
assessment.

CRP holds an offshore prospecting permit covering an area of 4726 km2 on the
central Chatham Rise. The permit area, in New Zealand territorial waters, is
located 450 km east of Christchurch and includes significant shallow seabed
deposits of rock phosphate. Establishment of a rock phosphate industry in New
Zealand territorial waters has a significant number of economic,
environmental and market benefits.

Today's milestone is the latest in a list of achievements over recent months
including:
- An assessment by the Institute of Economic Research valuing the project's
economic value to New Zealand at $1.3 billion
- Independent research house Edison Research saying the project is worth
- Dredging giant Royal Boskalis taking up a 20% shareholding and board seat
in a world first for the underwater mining industry
- American private equity fund Subsea investing in a cornerstone shareholding

- International phosphate industry identity Najib Moutia joining CRP as Vice
President strategy and marketing
- CRP pegging ground offshore Namibia to develop further rock phosphate
deposits
- A four-leg $7 million summer research cruise programme collecting a wealth
of data.

"We continue to make excellent progress in achieving milestones with our aim
of being in production in early 2015.  Everyone involved in the project is
focused on ensuring our planning is comprehensive and that we stay on track
towards that goal."

Chris Castle  +64 21 55 81 85 or [email protected]
End CA:00227917 For:CRP    Type:MINE       Time:2012-09-28 16:05:01