16 Jul 2012

Fertilizer company seeks foreign listing

10:53 pm on 16 July 2012

Fertilizer company Chatham Rock Phosphate is seeking to list on a foreign stock exchange.

The company, which is developing a project to mine phosphate from the seabed 450 km east of Christchurch, wants to list on the Toronto Stock Exchange's secondary board in Canada.

This is in addition to its existing New Zealand listing.

Chatham Rock's managing director Chris Castle told Radio New Zealand's business editor that there are a number of fertilizer companies listed in Canada.

Mr Castle says the company wants to trade in a market where its business is understood.

"There are no fertilizer stocks in New Zealand and so no peer group to be compared with."

He said it was not about raising money but about increasing liquidity.

He says there are 19 fertilizer stocks listed on Canadian market of which half are in development.