Chatham Rock Phosphate's Korella North mining lease application approved

Chatham Rock Phosphate has announced that its mining lease application for the Korella North mine has been approved.

The application was lodged with the Queensland Department of Resources and has been designated ML 100379.

The mining lease is for 10 years and covers 118.56 hectares within the Korella North exploration area.

The Korella North area contains a 3-hectare mine footprint with approximately 395,000 tonnes of the Monastery Creek Phosphate Member.

This area has the potential for low-cost open pit operations, and the company plans to provide direct shipping phosphate for sale to the domestic market, with export markets also showing interest.

Confirmation drilling within the exploration area is scheduled to take place after the wet season in February/March 2024.

The grant of the mining lease is expected in August 2024.

Chatham Rock Phosphate also highlighted other recent progress, including the announcement of the Minister responsible for resources and mining in French Polynesia, which is relevant to its Makatea project.

In New Zealand, the company believes there are improved prospects of securing government support and international investor backing for its Chatham Rise project.

Chatham Rock Phosphate is focused on becoming a global organic, low-cadmium phosphate miner and trader.

It is now looking forward to first sales from the Korella North mine in the third quarter of 2024.

* The headline has been updated to reflect the lodgment has been approved, and not the license.