Chatham Rock Phosphate sells Australian subsidiary for $1.4m

Chatham Rock Phosphate sells Australian subsidiary for $1.4m
Chatham Rock Phosphate chief executive Chris Castle. (Image: Supplied)
Thomas Manch
Chatham Rock Phosphate has sold its Australian subsidiary for A$900,000 (NZ$1 million) cash and a stake in a manufacturing plant that will process rock from its planned Korella North Mine.The prospective NZX-listed miner announced the sale of its subsidiary on Tuesday, valued at A$1.4m.The sale of Avenir Makatea to Melbourne-based Austure Industries would provide Chatham Rock Phosphate with A$900,000 in cash over 24 months and a 20% shareholding in a newly formed Austure subsidiary, Austure Phosphate AU.Chatham Rock Phosphate executive dir...

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