Key points
- Chatham Rock Phosphate accepted liability for disputed costs owed to the Environmental Protection Authority tied to its 2014 Marine Consent application.
- The company paid the EPA’s total claimed costs of $708,000.
- Funds held in a trust account offset most of the payment, leaving a net operational cash flow impact of $254,000.
- Chatham Rock plans to formally conclude the court proceedings shortly.
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.
