Chatham Rock Phosphate secures key approval for Korella North Mine

Chatham Rock Phosphate Limited, a New Zealand-based junior mineral development company engaged in the exploration and development of marine deposits off the coast of New Zealand, French Polynesia, and Australia, has announced the official approval of its Korella North mine, following the granting of mining lease ML100379 by the Queensland Minister of Mines. The Korella North site, situated 160 kilometers south-east of Mount Isa, benefits from strategic transportation access via the Phosphate Hill-Townsville rail line and the Phosphate Hill to Cloncurry Road.

The mining operations at Korella North are set to commence almost immediately due to the ease of accessing phosphate rock deposits near the surface. This geological advantage simplifies mining processes, enabling early-stage production with minimal delay. Initially, the phosphate output will be directed towards domestic agricultural needs, particularly for cotton and cropping farms in northern Australia. The highest-grade material will be earmarked for export, mainly for use in battery manufacturing.

Phosphate remains a critical component for Australia’s agricultural sector, which relies on it for fertilizer production. Additionally, its importance extends to the growing decarbonization technologies, underscoring its inclusion in the Australian Government’s Strategic Materials list.

The development of Korella North is expected to generate around 50 jobs, both in construction and operational roles, further boosting the economy in the Northwest Mineral Province of Queensland. Local services will be utilized to enhance regional economic impact. Chatham Rock Phosphate has confirmed its commitment to maintaining and expanding local employment opportunities in partnership with the Queensland Government.

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Chris Castle, President and CEO of Chatham Rock Phosphate, emphasized the significance of this mining lease, highlighting it as one of the company’s most pivotal achievements since its inception in 2007. He also pointed out that this development represents a crucial advancement not only for the company but also for Australia’s broader push towards a sustainable, net-zero economy.

Castle added that the Chatham Rise project, the company’s New Zealand venture, is expected to be included in forthcoming fast-track permitting legislation, potentially providing further growth opportunities in the near future.