Chatham Rock Phosphate Ltd. said Sep. 5 that it created a wholly owned subsidiary called Pacific Rare Earths Ltd.
The new company will manage a work program aimed at quantifying the extent, value and recoverability of rare earth elements and other strategic or valuable minerals contained in the rock phosphate nodules on the Chatham Rise phosphate project in New Zealand.
In addition, the company will be investigating the existence and recovery potential of rare earths and other valuable minerals in seafloor muds on the project.
These minerals, if efficiently extracted as by-products, would be a strategic asset for New Zealand and could significantly improve the already attractive forecast project economics, Chatham Rock noted.
The company said it will have to develop a new marine mining system for the recovery of these minerals.