Chatham Rock Phosphate Ltd holds an exploration licence over an area off the coast of New Zealand believed to have significant seabed deposits of rock phosphate and other potentially valuable minerals.

The year one work programme involves reviewing and analysing technical data, studying environmental impacts, assessing the project economics, and designing an exploration programme to be undertaken in year two.

The licence area of 4726 square kilometres is 450 km east of Christchurch, at very shallow depths on the Chatham Rise and in New Zealand territory.  The exploration permit is for two years with further priority rights to extend the permit or apply for a mining licence.

Extraction of the rock phosphate would provide a locally produced alternative to the 1 million tonnes of this material annually used in New Zealand and currently imported from Morocco, thereby reducing our carbon footprint as well as high transport and foreign exchange costs.

Rock phosphate is an essential ingredient of fertiliser and can be applied directly to pasture with less environmental damage than super-phosphate from run-off.  Extensive exploration in the 1970s and 1980s identified a potential 100-year supply for the New Zealand market.  Recent substantial increases in the market value of rock phosphate and advances in offshore extraction technology mean it is now feasible to harvest this resource.  The deposits are comprised of nodules lying  on the seabed at relatively shallow depths and the relevant technology for such extraction is used routinely.