“We have not committed to reapplying at this stage as we need to have confidence the process and the law is workable and the decision makers are technically competent. However, we have no intentions of giving up.
“This project is too important for New Zealand, as well as our shareholders who have already invested $33 million in this project.”
Castle said as well as the economic benefits the project also brought critical environmental benefits to NZ.
“Chatham Rise rock phosphate would reduce pollution in NZ waterways from phosphate run-off and would reduce the application of the toxic metal cadmium on NZ soils, as our product contained among the lowest concentrations in the world. It would also drastically reduce NZ’s carbon footprint caused by transporting fertiliser inputs from the other side of the world.”
Castle also said he believed CRP’s share price would recover after falling from $40m to $2m following the Environmental Protection Authority’s decision last week.
