Chatham Rock Phosphate (NZE:CRP) said the due diligence process concerning the disposal of its Korella phosphate projects in Queensland has been extended to June 30, according to a Tuesday filing with the New Zealand bourse.
The four mining and exploration leases within the Korella North and South properties are being sold to Australian entity Marshall Group. The transaction consideration includes a cash payment of roughly NZ$4.5 million. The assets are held by Chatham subsidiary, Avenir Makatea.
Chatham Rock's shares were up nearly 8% in recent Wednesday trade.
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