NZP merger with Avenir Chatham Rock Phosphate Proposes Merger With Phosphate Company Avenir Makatea
WELLINGTON New Zealand – Chatham Rock Phosphate Limited (TSXV: “NZP” and NZX: “CRP” or the “Company") wishes to advise with great pleasure we have successfully concluded negotiations to acquire French Polynesia-based Avenir Makatea Pty Limited.
The merger of these New Zealand and French Polynesian companies was negotiated at arm’s length and will result in the formation of a new environmentally and culturally sound phosphate company.
Chatham Rock Phosphate is the developer of the undersea Chatham Rise phosphate project to recover phosphorite nodules while Avenir Makatea is progressing the recovery of phosphate from the island of Makatea to enable the rehabilitation of the island.
Chatham Rise phosphate provides the only domestic phosphate source for New Zealand and its development is of national significance. CRP, in working towards the reapplication for an environmental consent for the project, is involving all stakeholders and importantly the directly interested Mori community. The phosphate from Chatham Rise is a reactive phosphate low in cadmium and competitive with current fertilisers used in New Zealand.