Chatham Rock Phosphate Ltd. has welcomed the successful passage of the Fast-track Approvals Bill through its third and final reading in New Zealand’s Parliament on Dec. 17.
Following royal assent, the bill will become law and provide a revised platform for the approval of significant development projects in New Zealand, including the Chatham Rise rock phosphate project.
The Chatham Rise project has held a granted mining permit since 2013, and the new act creates
a new one-stop permitting process, which will facilitate its reapplication for a marine (environmental) consent.
International investors will welcome this milestone as it signals a reversal of the permitting risk that has in recent years made New Zealand an increasingly unpopular investment destination.
Looking ahead
The government has advised that applications for projects to be considered under the new fast-track regime will be accepted from Feb. 7.
Its application, hopefully to be lodged during 2025, would go to the Minister of Infrastructure for consideration, which includes inviting written comments from the Minister for the Environment and any other ministers with relevant portfolios, before deciding whether to refer the project for fast track.
The company expects its reapplication for an environmental permit to be financed either by a consortium of local investors or by operating cash flows from its Queensland mining operations.
As the only local source of rock phosphate, which was recently added to the critical mineral list, it is hopeful that its reapplication for an environmental permit will be successful.
