Chatham Rock Phosphate attracts new investments for its sea enterprise

The New Zealand company Chatham Rock Phosphate has completed placements of its shares among private investors, receiving for them $623.33 thousand. Two years ago, the company also sold its shares, gaining $460.19 thousand, however, Chatham Rock Phosphate intended to receive a much larger amount of $0.9 million.

The proceeds from the private placement of shares Chatham Rock Phosphate intends to use to implement a project for the extraction of marine phosphorites from the Chatham submarine deposit located east of the coast of New Zealand. Chatham Rock Phosphate expects the annual production of marine phosphorites to be at least a million tons and, due to the conditions of their formation, they will have a low cadmium content.