CI Resources holds a 100% stake in Phosphate Resources Limited (Phosphate Resources), an unlisted public company which carries out phosphate mining on Christmas Island - an Australian Territory, located off the northern coast of Western Australia.
Phosphate Resources owns 100% of a phosphate rock mine on Christmas Island, where it has mined and exported phosphate since 1990. Phosphate Resources usually exports approximately 700,000 tonnes per year of phosphate product to Australia, New Zealand, Malaysia, Thailand and Indonesia.
In addition to its phosphate business, Phosphate Resources has wholly owned subsidiaries involved in the fuel and earthmoving operations on Christmas Island. The Company continues to be the largest employer on the Island.
Phosphate Resources also owns a palm oil plantation and mill in the state of Pahang in Malaysia.
Phosphate Resources has offices in Perth,Singapore and Malaysia, and employs over 150 people directly on Christmas Island, as well as contractors, making it the Island's largest employer.
Phosphate Resources has identified some limited additional areas outside the Christmas Island National Park which may contain sufficient resource to enable the Company to sustain operations at current levels into the medium term. The Company has commenced a major environmental review of these areas in order to be satisfied that there is no scientific basis for an environmental approval to be refused.
Phosphate Resources is a high quality asset that is expected to significantly contribute to CI Resources growth, taking advantage of the expected strong growth in demand in the international phosphate market.