WELLINGTON, New Zealand, Dec. 13, 2017 /CNW/ - Chatham Rock Phosphate Limited (TSXV: "NZP" and NZAX: "CRP" or the "Company") advises that it has decided to accept liability for the disputed costs with the Environmental Protection Authority (EPA) relating to the Marine Consent application made in 2014.
Accordingly CRP has paid to the EPA the total claimed costs of CAD 708,000, substantially offset by funds placed in a trust account pending the resolution of the dispute. In consequence, the net impact on CRP's operational cash flows was only CAD 254,000.
CRP will be looking to formally conclude the court proceedings shortly and looks forward to the complete resolution of this legacy issue.
Neither the Exchange, its Regulation Service Provider (as that term is defined under the policies of the Exchange), or New Zealand Exchange Limited has in any way passed upon the merits of the Transaction and associated transactions, and has neither approved nor disapproved of the contents of this press release.
SOURCE Chatham Rock Phosphate
For further information: Chris Castle, President and Chief Executive Officer, Chatham Rock Phosphate Limited, 64 21 55 81 85 or [email protected]