Chatham Rock Phosphate Ltd. has made a correction to its announcement of March 23, 2018.
In that announcement the company quoted directly from a release made by Odyssey Marine to the United States Securities and Exchange Commission. The release stated that, “On March 21, 2018, the Superior Court of the Federal Court of Administrative Justice in Mexico had ruled unanimously in favour of Odyssey Marine, thereby nullifying the earlier denial of the environmental permit application for the extraction of phosphate sand from its Don Diego project.”
Chatham commented that, “This means that Don Diego is now fully permitted.”
Chatham has been advised that the project is not yet fully permitted. While it seems to be a logical assumption that the project will now be fully permitted, the company wishes to withdraw its statement and will leave it to shareholders, stakeholders and other readers of this release to draw their own conclusions as to whether or not the Don Diego project will be fully permitted.
Following the Odyssey Marine release, that company’s stock traded in heavy volumes and finished the week at $9.20 (U.S.), up from $3.80 (U.S.) before the announcement, so it would appear that Odyssey Marine shareholders have already formed their own conclusion about the significance of the Mexican Superior Court’s ruling and the likely outcome.
About Chatham Rock Phosphate Ltd.
Chatham Rock Phosphate is the custodian of New Zealand’s only material resource of ultralow-cadmium, environmentally friendly pastoral phosphate fertilizer. The company’s key role is connecting the resource with those who need it.
Using this phosphate will support sustainable farming practices, including healthier soil profiles and reduced accumulation of the heavy metal cadmium, reducing carbon emissions and dramatically lowering runoff to waterways, and shrinking fertilizer needs over time.
