Chatham Rock Phosphate Ltd. has decided to accept liability for the disputed costs with the Environmental Protection Authority (EPA) relating to the Marine Consent application made in 2014.
Accordingly Chatham has paid to the EPA the total claimed costs of $708,000, substantially offset by funds placed in a trust account pending the resolution of the dispute. In consequence, the net impact on Chatham Rock’s operational cash flows was only $254,000.
Chatham Rock will be looking to formally conclude the court proceedings shortly and looks forward to the complete resolution of this legacy issue.
