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Chatham Rock Phosphate expects to lose court battle over EPA-imposed costs

Chatham Rock Phosphate Ltd. said Dec. 11 that it expects to lose High Court proceedings over certain costs imposed by the Environmental Protection Authority and it would likely be required to pay the said costs.

The company did not disclose further details on the costs charged by the EPA but said a judge rejected its application for a judicial review of the charges, allowing the proceedings to resume.

According to Chatham, it has conservatively prepared its financial reports for the last two years to minimize the effect of the proceedings' outcome on its balance sheet position, should the company lose the court battle. However, the miner said the imposed charges will have a negative impact on its cash flow position.

Chatham said it will take steps to mitigate the court decision's impact on its cash flow and review the judgment for its next legal move on the matter.