Chatham Rock Phosphate has reported a loss of $1.4 million in the year to the end of March, saying it reflects the extra costs of gaining a mining licence and marine consent.
The previous year Chatham Rock had a $741,000 loss.
The company is developing a seabed rock phosphate resource on the Chatham Rise, about 450 kilometres off the coast of New Zealand.
In the past year it has submitted a draft marine consent application to the Environmental Protection Authority and Dutch firm Royal Boskalis has taken a 20% stake. It has also raised nearly $16 million in the last year.
Chatham Rock chief executive Chris Castle says the focus of the past year has been to secure permits to enable mining to start in 2015.
Mr Castle says once the firm gets marine consent, work will start on getting a ship ready for mining and transporting the rock phosphate deposit.
He says the company will announce further capital raising plans in the next few days.