Chatham Rock 'aghast' after EPA declines seabed mining consent; stock tumbles 95%

Tue, 10 Feb 2015

Feb. 11 (BusinessDesk) - Chatham Rock Phosphate managing director Chris Castle says he is "aghast" that the Environmental Protection Authority declined to issue the would-be seabed miner with a marine consent to extract phosphate nodules from the Chatham Rise. The shares tumbled 95 percent. Mining the phosphate is the company's sole reason for being and it has spent years researching the task, hiring consultants and bringing in partners with the expertise to do the work. Castle has argued that a local source of rock phosphate would replace b...

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