Seabed phosphate miner seeks more cash

Let’s hope the Hikoi puts investors off at least for a while!

Chatham Rock Phosphate needs to raise another US$2million (NZ$2.4m) this year and US$12m more next year as it moves towards plans to mine undersea phosphate in a couple of years.

The company plans to apply for a mining licence in June and a marine consent in September, with hopes of commercial mining on the Chatham Rise in 2014.

The company has just completed a total of 48 days surveying the Chatham Rise over the summer.

The latest cruise of the Dorado Discovery exploration ship ended yesterday and the company would now start the mammoth job of resource modelling, environmental assessment and geotechnical analysis.

The surveys had shown the phosphate deposits were as variable as they expected from earlier work carried out in the 1980s.

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