14 June 2012
Chatham Rock Phosphate pegs Namibian phosphate ground
Chatham Rock Phosphate today announced it has applied for five prospecting
licences offshore Namibia covering about 45 square kilometres.
The licences, to prospect for undersea phosphate are at water depths similar
to the licence area CRP holds on the Chatham Rise, offshore New Zealand.
Managing director Chris Castle said the company''s strategy is to extend the
use of the mining capability it has developed to extract undersea phosphate.
"If the project proves successful it will significantly increase the marine
rock phosphate resources under our control.
"We think it makes good sense to use the applied technology we are developing
in New Zealand elsewhere and Namibia is the most advanced in the development
of offshore phosphate reserves."
Australian company Minemakers Ltd''s Sandpiper phosphate sands project is
located about 60 km off the coast of Namibia and has an estimated resource of
60 million tonnes.
"We''re buying into an area that is very prospective, with several other
companies undertaking exploration in well proven areas. The conditions are
similar to what we already know. Based on the extensive work already
completed by Sandpiper we believe the extraction costs appear attractive."
CRP has also contracted a local agent, formed a local subsidiary company and
met with local officials. "The people in the Ministry of Mines & Energy and
in the Geological Survey were particularly helpful and we made significant
progress in the short time we were there.
Mr Castle said he understood the processing of the licence applications could
take a few months.
Managing Director, Chatham Rock Phosphate Limited
021 55 81 85 or firstname.lastname@example.org
End CA:00223890 For:CRP Type:MINE Time:2012-06-15 08:33:38