KORELLA NORTH – ADVANCEMENT TO MINING LEASE APPLICATION
Chatham Rock Phosphate Ltd. has planned an early application for the mining lease for the Korella North mine so as to accelerate the approval process and ensure first mining of phosphate in December, 2023.
This is possible given the large amount of available geological knowledge on the Korella North deposit thus enabling a mining plan to be prepared to support the early application.
The completion of re-evaluation of the exploration data on Korella North (EPM28589) enabled a geological model for the shallow, 23-metre-thick phosphate deposit to be prepared.
The company’s mining services supplier, Golding Contractors, can now develop the mine plan to produce 100,000 tonnes of phosphate per annum in the first year and thereafter 250,000 tonnes per annum.
The early application for the mining lease for the Korella North mine is being matched with Chatham’s work to lodge as early as possible a development application for the company’s Cloncurry phosphate distribution hub.
It is anticipated that operating cash flows from the Korella North mine will, during 2024, provide working capital while also financing the reapplication for a marine consent (environmental permit) for the company’s Chatham Rise project.
