Phosphate Resources Ltd
CI Resources holds a 44.73% stake in Phosphate Resources Limited, 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 has offices in Perth and Singapore, and employs over 100 people directly on Christmas Island, as well as contractors, making it the Island’s largest employer.
Phosphate Resources is currently seeking an additional 256 hectares of land for mining, which would likely extend phosphate export operations from Christmas Island from 5 years, to 10 to 12 years. The application for these new mining leases was rejected by the former Minister for the Environment. The Company successfully appealed in the Federal Court against the former minister’s decision. The application is now before the Minister for the Environment for a determination.
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.
