The struggling resource sector investor Aorere Resources Ltd (NZX: AOR) completed the half year to September 30 with a trading loss of $44,000, significantly less than the previous year.
Key investments in the portfolio were TSX-V listed Asian Minerals with a market value of $53,412 and Chatham Rock Phosphate with a market investment value of $106,511.
Other investments were valued at $10,450.
The market improvement would have come largely from the fact Chatham Rock became dual listed on the TSX Venture exchange.
The company, which in recent times has made the point that it might be an ideal cheaper route vehicle for a company than a conventional IPO, pointed out in its interim half year report that it had cash of $76,909.
Aorere said Chatham Rock was still planning to mine 1.5 million tonnes of phosphate nodules from the Chatham Rise seabed off the east coast of NZ in water depths of 400 metres.
The company’s first resource consent, opposed by environmentalists and the fishing sector, was rejected by the Environmental Protection Agency, and the company was advancing a new application to the EPA.
Aorere said Chatham Rock recently attended agricultural expos in Tokyo and Taipei to promote the use of Chatham Rise phosphate.
At both shows we had a steady stream of booth visitors, mostly focused on representing us as distributors in the Asia Pacific region. However, a number of potential investors including major corporates engaged with Chatham Rock “and subsequent dialogues have ensued.”
“If the level of interest we encountered is anything to go by it’s clear we will have little difficulty in selling our rock,” CRP reported.
Aoreere said it sold stakes in two companies that still have promising prospects and are focused on widening the portfolio if sufficiently attractive investment opportunities are identified.
“In such circumstances we would likely seek further capital from shareholders.”