Chatham (NZX:CRP): Why is its subsidiary Avenir Makatea in the limelight?

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Chatham (NZX:CRP): Why is its subsidiary Avenir Makatea in the limelight?

Mining company
Image source: Chaoyang Xiong, Shutterstock.com

Highlights

  • The Company notified that French Polynesian legislation related to securing of Mining Concessions has now been updated.
  • Chatham’s subsidiary Avenir Makatea would now be enabled to request for Public Enquiry into the grant of Mining Concession on Makatea.

Aspiring to be a leading supplier of direct application phosphate to NZ and international agriculture space, Chatham Rock Phosphate Limited (NZX:CRP) notified the market about its 100% owned subsidiary SAS Avenir Makatea.

Milestone achieved by subsidiary SAS Avenir Makatea

The Company has of late notified that French Polynesian legislation related to securing of Mining Concessions has now been updated.

It is an important breakthrough and allows Avenir Makatea to ask for Public Enquiry into the grant of Mining Concession on Makatea.

The request for the Public Enquiry into the permitting Makatea Mining Concession would be lodged in November 2021.  The dates for a month’s Public Enquiry will be then established.

What is the Company’s strategy?

Chatham acquired Avenir Makatea and Korella phosphate mine in 2021.

  Source: Copyright © 2021 Kalkine Media

The Company notified in April 2021 about Avenir Makatea’s acquisition, which was the initial move towards Chatham Rock’s plan to create a global phosphate mining and trading house, laying emphasis on low cadmium, natural phosphate.

Related article; Is Chatham Rock’s (NZX:CRP) share price up because of merger with Avenir Makatea

The move was followed by another acquisition of the 100% permitted Korella phosphate mine in Queensland, with its capability to produce positive cash flows beginning 2022.

At the time of writing, on 2 November, Chatham Rock was trading down by 0.74% at NZ$0.135.

Bottom Line

With the recent acquisition of Avenir Makatea and Korella phosphate mine, the Company is swiftly advancing ahead with its business plans.  

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