Key points
- Chatham Rock Phosphate Ltd. released its rights issue offer booklet and associated cleansing notice.
- The record date for the rights issue was 5 p.m. on Nov. 3, 2017.
- The booklet and application forms were posted to eligible shareholders on Nov. 6, 2017.
- The company’s phosphate resource is estimated to be worth $5-billion to $7-billion.
Chatham Rock Phosphate Ltd. has released a copy of its rights issue offer booklet and its associated cleansing notice.
The record date for the rights issue was 5 p.m. on Nov. 3, and the offer is now open (with the booklet and application forms being posted to eligible shareholders today, Nov. 6, 2017).
About Chatham Rock Phosphate
Ltd.
Chatham Rock Phosphate is the custodian of New Zealand’s only material resource of environmentally friendly pastoral phosphate fertilizer.
Using this phosphate will support sustainable farming practices, including healthier soils and reduced accumulation of the heavy metal cadmium, dramatically lowering P runoff to waterways and shrinking fertilizer needs over time.
The resource has an estimated worth of $5-billion to $7-billion, representing one of New Zealand’s most valuable mineral assets and is of huge strategic significance because phosphate is essential to maintain New Zealand’s high agricultural productivity.
New Zealand’s current access to phosphate is vulnerable to economic and political events in the six countries controlling 98 per cent of the world’s phosphate reserves, with 85 per cent of the total in the western Saharan state of Morocco.
