CRP’s Undersea Mining Project Step Closer (New Zaeland)

Independent research on Chatham Rock Phosphate (CRP) prepared by Edison Investment Research (Edison) says the most significant risks relating to the project are easing.

“CRP is moving closer to demonstrating a commercially and technically viable undersea mining project, risks still remain but the most significant are easing.”

“Doubts over the technical viability of undersea seabed mining at the depths CRP is contemplating have reduced substantially, with global dredging major Royal Boskalis taking an equity stake in CRP.

“The other main risk, mining and environmental approvals, will be CRP’s major focus over the coming 12 months.”

CRP commissioned Edison to produce independent research because share-broker analysts do not research the company.

CRP managing director Chris Castle said a summary report is included in Edison’s Asia Pacific quarterly report issued this week. A full report on CRP will be available early next month.

He said he valued Edison’s independent assessment and believed CRP has a strong story to tell. It would inform investors both in New Zealand and internationally and CRP could be measured against a range of international companies.

[mappress]

Press Release, August 22, 2012; Image: Nautilus