Chatham Rock Phosphate proposes Korella project sale

Chatham Rock Phosphate has announced a proposed sale of its Korella phosphate projects in Australia to the Marshall Group.

The company has agreed in principle to sell four mining and exploration leases, held by its subsidiary Avenir Makatea.

The leases to be sold are located in Korella North and South.

The sale price includes a cash payment of A$4.1 million (NZ$4.5m) and a royalty to be paid to Avenir Makatea.

The transactions are conditional on a successful due diligence process, negotiation of a definitive purchase and sale contract, and TSXV approval, if applicable.